Reasons For Having Poor Credit Rating Credit Cards [mortgageprotectiontips.blogspot.com]
www.creditcardsforbadcreditnotbadpeople.com In this video I tell how I found several Credit Cards for bad credit individuals like myself. Actually my credit was horrible not just bad. I had filed chapter 7 bankruptcy my real estate business was bankrupt I have over 10 homes foreclosed on! The idea that I was ever going to get a credit card with such bad credit was disheartening. I also had 2 cars repossessed, I felt like I had the worst credit on earth. When things were going good in my life and my credit was great I could get a signature loan in a heart beat, I had an American express card that had no limit as long as you paid it off the next month. After my bankruptcy, I didn't know how I was ever going to get credit again even a credit card. I thought that maybe with my credit repair back ground that I may be able to find a way to get a credit card. I looked into the market of secured credit cards... this is where y ou make a deposit to the credit card company for the amount of your limit. For example if the secured credit card had a limit of 0 then you would pay 0 to them and they would give you the credit card. You may be asking yourself what is the point of the credit card if you have to pay the amount of your limit. The reason is that if your credit is so bad that is all you can get after you use that credit card for 6 months keeping the payment current and not going over the limit then it is building your credit and repairing some of the damage. After 6months ...
mortgageprotectiontips.blogspot.com Credit Cards For Bad Credit, How I was approved for several credit cards with bad credit and BK
Following the global recession it is no surprise that many people have found themselves with poor credit. This could be for a number of reasons. Principally many lost their jobs and had to borrow to see them through the storm. In addition many pre-existing agreements were terminated as the banks rushed for liquidity and this adversely affected consumer' credit scores. Another reason was the reliance on credit cards or inability to pay credit card bills following the crisis. However, from these, problems have sprung solutions for consumers in the shape of poor credit rating cards.
Poor credit rating cards are exactly the same as normal credit cards but are available for individuals with a bad credit history.
Why would a credit card company want to extend credit to someone with a poor credit rating you might ask? Well the reason is that the rates are often slightly higher and the credit card companies can earn more from people than with their normal products. In addition, the limits for such cards are usually assessed and set to control the amount of risk that the card company assumes.
It is as important as ever to properly research all of the options available on the market before jumping into an agreement for a poor credit rating card. You must look at the rates, amount of borrowing, time limits and repayment schedules etc. In addition, make sure you really understand the charges and interest structure so that you can know the true cost of the borrowing.
Poor credit rating cards are not supposed to be for people who are plunging further and further into debt and need alternative sources of borrowing but as a means for people who have had difficulties in the past or simply who are victims of the credit crunch to be able to own cards again. In addition, poor credit rating cards are available for consumers with no credit rating at all.
Sometimes, if an individual has not borrowed anything in the past, the credit reference agencies will not hold any information on them and this may produce a bad score or significantly limit the amount that you can borrow.
A poor credit rating card can help people out of this situation by building your credit information so that they can move onto owning mainstream credit cards.
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