Guaranteed acceptance credit cards are growing in demand due to a higher percentage of U.S. citizens failing to keep-up with their credit obligations. The average TransUnion credit score fell by 6 points to 651 between the third quarter of 2008 and the first quarter of 2009. The biggest falls were in Arizona (11 points) and California (10 points). Missed and late payments decrease the likelihood of credit approval. A guaranteed approval credit card means that the applicant doesn't have to worry about a low FICO score as there is no credit scoring.

Guaranteed Acceptance Credit Cards - Bad Credit History Not a Problem

The higher risk of the borrower defaulting means that lenders will either require security and/or charge a higher interest rate and charges. However, making repayments on time now and in the future will help in terms of improving credit scores. There are several credit cards for bad credit available, including the First Premier bank black platinum credit card.

First Premier Bank - Unsecured Bad Credit Credit Cards Suitable for Missed and Late Payments

Their guaranteed approval credit card charges an APR of just 9.9%. However there is also an account set-up fee ($29), program fee ($95), annual fee ($48) and a monthly servicing fee of $7. Whilst the minimum credit limit will be $250, this will reduce to just $71 after taking into account the various charges. It is possible to get a second card-holder or receive a cash advance, subject to further charges.