If you’re stuck back credit and is suffering with a low credit score, a secured credit card may save you from all your troubles.Thanks to secured credit cards, many people today are given the chance to open a new credit card account and the opportunity to rebuild their credit history.Yes, a secured credit card is your best tool in boosting your credit score.
Not Just for Bad Credit
Are secured credit cards solely made for people with poor credit score?Certainly not! Most unsecured credit card issuers today require an excellent credit standing from their applicants and if you have less-than-perfect score, you may not qualify for one.
You don’t need to have a very bad credit score to be declined for an unsecured credit card.A low credit score alone can get your credit card application declined.
For those who haven’t yet established a credit history, they may also get disqualified for an unsecured credit card.Thus, having a low credit score and having no credit history can make you a suitable candidate for a secured credit card.
Boost that Credit Score
Obviously, enjoying an outstanding credit rating entitles a person to enjoy the best credit card deals and the best banking privileges.That is why you should aim to build up your credit.But having a low credit score today doesn’t mean you can’t do anything about it.
Being stuck with bad credit or having a low credit score can seriously limit your choices when it comes to financial matters.You may find it hard to get the best deals from lenders or find a credit card that will give you an approval.In connection with this, how can a guaranteed approval card for bad credit help you?If you currently have bad credit, should you get a guaranteed approval credit card?Here are important points to consider.
Not all guaranteed approval credit cards are the same.Just like with standard credit cards, not all instant approval credit cards offer the same terms.More importantly, not all guaranteed approval credit cards impose the same charges.Some credit cards with guaranteed approval charge excessive rates while others ask for reasonable interest rates from their clients.To get the best deal, you need to exert some effort in researching and studying your options.
Guaranteed approval credit cards can improve your credit.Getting a guaranteed approval credit card can be a stepping stone to help you rebuild your credit history and improve your credit score.All it takes is keeping your charges within your credit limit and submitting your payments promptly at all times.After a certain period, you should find that your credit status has significantly improved.
Continue reading: Pointers About Guaranteed Approval Credit Cards
Starting October 17, 2005, new bankruptcy legislation requirements were introduced to the public. Under the new bankruptcy law, filing for bankruptcy has become a more complicated process.
First of all, filing bankruptcy documents involves more tasks not only for the debtor but for the attorney as well. When filing bankruptcy, an individual must provide more precise information about his income and expenses. Additionally, bankruptcy attorneys are now liable in case there is any false information found in their client’s case.
This puts a greater responsibility on the part of the lawyers and they need to be more careful in preparing the necessary documents. For this reason, bankruptcy attorneys have raised their fees- even to as much as 100% increase- on account of the additional tasks and responsibilities put upon them.
Another major change brought by the new bankruptcy law is the counseling requirement. To be able to file for bankruptcy, a debtor must first go through credit counseling six months prior to his application. The government has also designated several credit counseling agencies who will be accredited to provide a counseling course. By undergoing credit counseling, a debtor will be properly advised whether bankruptcy is indeed the right action to take, considering the borrower’s situation.
Can you really get a credit card with high limit despite having a poor credit score? People with bad credit may not qualify for the best credit card deals. In this article, let’s discuss how you can request for a reasonable credit line even with bad credit. We’ll also talk about how credit cards for bad credit can be used in improving your credit report.
Factors That Determine Your Credit Limit
What factors determine one’s credit? Credit card companies generally give different credit limits depending on the cardholder’s credit history or credit score. A person’s income also plays a role in determining credit limit. A card holder who has long been a client for the credit card company can also be given special privileges. If a low credit score affects your credit limit, does this mean those with bad credit would never be granted higher credit?
There are some things you can do to find bad credit credit cards that not only give reasonable interest rates but also grant a higher credit line and better terms. For instance, the competition between credit card companies is tough. When comparing credit cards, be sure that you get in touch with the credit card company’s representative to talk about the deals.
