Bad Credit From Credit Cards

by admin on February 6, 2010

Such easy access to credit cards has allowed so many to get into credit trouble. Millions have found…


It’s such a small card, but it can lead you into big trouble. It’s so easy to whip it out to pay for whatever catches your eye, especially if you’ve been watching it for a while and now it’s on sale. How many times have you been invited to apply for a store credit card to get an extra 15% off? Credit card offers are a dime a dozen. The come at us from everywhere.


Such easy access to credit cards has allowed so many to get into credit trouble. Millions have found themselves with a bad credit history. If left untreated, bad credit can lead to bankruptcy. On the lesser side it may keep you from getting financing for a house or car that you need.


If this sounds all too familiar then you may need to start repairing your credit score. Begin by getting rid of any credit cards you have not used in a long time. If you only have few, then start with the smallest and pay them off systematically. As you get one paid off it will boost your confidence and encourage you that you are making progress! It will also help your credit score.


If your debt seems impossible to handle, call your creditors one at a time. Explain your situation, and that you want to pay it off. You may be able to convince them to let you pay it off completely at for a fraction of the total owed. Or they may agree to a lesser interest rate. Your main goal is to keep them from turning it over to a collection agency.


Your local credit counseling service may be able to help you too. If you don’t make good headway with your creditors, sometimes they will listen to the credit counselor on your behalf. The fact that you sought counseling is more evidence that you are serious about paying off your debt.


Meanwhile, think of your credit cards as cash. If you don’t have the money now you probably won’t when the payment comes. But if you can make routine small purchases with a credit card and make all the payments on time it will make a significant improvement to your credit score.


Don’t give up. There are options. Find the one that is right for you.


Keywords: Bad Credit Credit Cards

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Bad Credit Credit Cards – Stuff You Need to Know

by admin on February 2, 2010

Most of you get offers for credit cards, that sound like this, re-establish credit with pre-approved credit cards, regardless of credit history, some with low introductory rates and other perks.


Beware of offers for credit that require no application. You must look at the following terms when considering a credit card. If you don’t see them, then ask for them.


APR, or Annual Percentage Rate, is an accepted way to describe the interest rate allowing you to compare various offer’s rates. It is expressed as an annual rate. It must be given before you are obligated to the account. It will also be disclosed on your monthly statements. The lending company must also give you the “periodic rate”. This is the rate that is used on your outstanding balance, and used to calculate the interest charge each month. Some offers have clauses that allow the lending company to change the APR when interest rates or other market indexes change. These offers rates are called variable rate programs.


The interest charges will then go up or down according to the interest rate. If you consider a pre-approved credit card with a variable interest rate the lending company needs to disclose certain information. They need to tell you that the rate may change, and how the rate is determined. This would include the index it follows and their margin that they add to it. They must also tell you have often the rate may change and how much it can change at any given time. Does the card include a grace period? This allows you to avoid finance charges if you pay your entire balance before the due date.


Many lending companies will charge other extra fees. These may include annual fees, monthly fees, etc. Sometimes they include a fee per transaction. The fees can range from $20 to $75 or maybe more. Some may include other costs. Some lenders charge a fee if you use your card for a cash advance, make a late payment, or go over a specified limit. Some will collect a monthly fee even if you don’t use your card.


You want to make a wise choice, so be careful to choose a reputable company with a good offer.


Keywords: bad credit credit cards

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