For people with a spotty credit card history or bad credit, it can be difficult to get approved for a regular credit card. There are a number of credit card options that are aimed specifically at people who have bad credit and are trying to rebuilt it. There are also, unfortunately, a lot of folks out there who'll take advantage of the desperation to get a credit card. How do you tell which options are good ones and which are just taking advantage of a bad situation?
Debt Consolidation And Credit Catalog clubs and store cards disguised as credit cards for people with bad credit are one of the most commonly used scams that prey on people who think they need a credit card. They may masquerade as a way to rebuild your credit, or offer you a 'pre-approved credit card with a spending limit of ' anywhere from $1500 to $5000.
College students are offered cards which entitle them a free entry to disco or pubs. shirts or trendy bags for filling a credit card application. Children mistakenly view the credit cards as the first step towards independent living. If they use the credit card improperly and without making prompt payments, trap which affects their credit rating. Soon they find it tough to get a mortgage or get a job because of their poor credit rating. Of course the credit card company is not to be blamed. It is their business. Using a credit card is no sin. It is just that the student should know how to take care of and track his expenses. Being self aware of the usage of the credit card and a few important lessons in personal finance will set the child on track to manage his card wisely.
Check Credit Rating What's the catch? Let's take a look at one that I received in the mail the other day. "You are already approved for this credit card!" the letter said in the very first line. All I had to do was call to verify my details and activate my credit card and I could start using it immediately to make purchases 'from our catalog of excellent value items'.
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Improve Credit Rating The 'credit card type' I was being offered was one for a single catalog company, good for purchases from their catalog only. It offers a credit limit of $6,000 - but I can only spend it on products that they sell. What products? "Name brand electronics and computers, house wares and other quality products" the letter goes on to say - but there are no details.
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Credit Online Rating Report In addition, it tells me, because they're so happy to have my business, they'll automatically credit me with $250 to spend immediately - upon receiving my activation fee of - you guessed it - $250. I can also get another $199 credited to my account - as soon as I pay my annual fee of $199. And to really sweeten this bogus credit card deal, they tell me, it's a great opportunity to rebuild my credit.
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Credit Score Rating Scale That one letter is a veritable shopping list of everything to watch out for in bogus credit card offers. To list them:
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Bad Card Credit Credit People 1. The card can only be used to purchase items from the company that issues it. Since I have no way to review the items offered without activating the card - for $250 - I have no way of knowing how their prices compare to the prices I'd find elsewhere, but I can guess that the prices will be outrageously high.
Free Credit Rating Report 2. The activation fee is outrageously high already. But I get it back, right? Not exactly. By activating this 'credit card' I'm committing to buy $250 worth of unseen merchandise from a merchant that I don't know.
Credit Rating Scale 3. Ditto the $199 annual use fee. While many credit cards that are aimed at helping people rebuild their credit have annual fees, the average is $25 to $50. Again, the annual fee is a disguised way of committing you to spending $200 on their merchandise this year - merchandise that I can't evaluate in advance because I have to be a member to see their catalog.
Bad Credit Rating 4. Rebuilding your credit is the one thing that this 'credit card' will do - but nowhere near as much as if you'd taken that $449 total and invested it in a secured credit card.
Credit Rating Agency Our advice is to do exactly that. If you can come up with a $250 activation fee, find a good deal on a secured credit card and put it there instead. In the long run, you'll do far better than if you accept the catalog company's generous offer to allow you to spend your money on their products.
Credit Rating Canada Joe Kenny writes for Credit Card Guide, offering the latest information on credit cards in the UK, visit them today us to apply for a 0% balance transfers and start clearing credit card debt today.
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Credit Score Rating Chart Joseph Kenny is the webmaster of the loan information site http://www.ukpersonalloanstore.co.uk. At the Personal Loan Store you can find some of the latest personal loans explained in detail.
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