Category Archives: Poor Credit Credit Card

Credit Card Offers Explained – Yes, Your Banker Lied to You

Credit Card Offers Explained…

For decades people have been trying to figure out what the best credit card deals are. The answer as to what the best credit cards are isn’t as simple as you might first think.

If you are looking for a 0% intro APR your thought might be whatever offer gives me the longest term on credit card purchases, but I have to tell you the truth about this thinking, not all credit card deals are structured the same.

Going with the example of applying for a 0% APR card offer, on the surface seeing 0% for let’s say 15 months on new purchase is a great deal, but if you currently have a balance on another credit card then you have to view the terms and conditions for the introductory APR on balance transfers because the rate on transfers may be different from the purchase APR’s.

You might think you are getting a great credit card offer but after you read the fine print you will suddenly recognize that the big banks are simply trying to rip you have with false hopes and promises and as direct result of this revelation you must take the onus on yourself to check the card offer terms and conditions.

Some credit offers boast being the best credit card application because they have no annual fee or they claim their business credit card offers are best in class because of whatever reasons they shove down you throat. But I am getting across here boils down to this, whether you are looking for a business, bad credit or even a student credit card for that matter, the major financial lenders have only one goal in mind and that is their businesses bottom line.

To increase their business, credit card companies, will execute cut throat marketing tactics to make you perceive their “rewards credit offer” or their “0% Intro APR” offer is a step above the rest of the card issuers on the market to entice you into their own credit card offer and then proceed to scour every nickel you have anywhere in your night stand.

Here is exactly what you need in order to apply for the best credit card offer that will give you the maximum rewards for what you current situation is:

Credit Card Offers for People with Bad Credit

1. If you have bad credit, the best credit card offers will give you at least a minimal interest free period on balance transfers. This will save you money and help your credit score, and boosting your credit score is all you should care about when applying for a credit card offer.

Credit Card Offers for People with Poor to Good Credit

2. If you have poor to good credit, you are a person that has forgotten to pay their bills due, likely being too busy with career and life issues, and the major banks have you minor indiscretions against you for this so you need to think about your role in have less than perfect credit and stop being angry with the banks for not issuing the best credit card deals and apply only for credit card offers that are designed for you specifically.

What that means for you when it comes to reviewing a particular card offer is you need to do one thing. That one thing you must do is spend 5 minutes to peruse the offer terms and conditions and further to that actually take an additional 10 minutes to write down on a calendar items such as when introductory rate expire as well as the conditions of how and when a 0% introductory card offer expires.

For millions of Americans that are lumped into the good to fair credit rating category, it is for the most part not due to inability to pay, the case is more typically that you are simply overburdened in your day-to-day life that you forget about menial issues such as your credit card offer terms.

It’s only when you get your statement that you ask yourself this:

“But I thought when I applied for that particular offer that my credit card rates, bonuses, rewards, etc, were supposed to be XYZ.”

No, you are not an awful person because you forgot what the initial credit card offer terms and conditions were, you are simply a busy person.

So all I am suggesting to you is to be “less busy” when you are considering credit card offers. Take more time to note the offer stipulations and if you heed this advice your credit score will enter the “credit card offers for people with excellent credit” category faster than you ever thought possible!

Credit Card Offers for People with Excellent Credit

If you have excellent credit, then you pretty much have free run at all credit card offers so you biggest problem is choosing the rewards and benefits that best fit your lifestyle.

If you have excellent credit then all you need to do when reviewing credit card offers is compare the rewards you want and then apply. People with excellent credit pretty much have free run at every credit card offer they want, so ask and you shall receive.

Jessica Millington has been writing credit card offer review for websites such as http://www.crediteria.com for over a decade now. Jessica has been providing articles to help consumers to inform them how to apply credit card offers. She had bad credit & knows exactly what every card holder needs.

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Mortgage for Poor Credit

poor credit credit card
by TijsB

It is a commonly held belief that a poor credit score makes it almost impossible for a person to qualify for a home loan. However there are lenders willing to make home loans to people with bad credit if they are in a financial position to meet their requirements.

The added price tag that comes with a low credit score when applying for a home loan is high interest rates, high down payments and high fees/points. Poor credit mortgages can carry interest rates in the 10 percent to 15 percent range with a down payment of anywhere from 20 percent to 50 percent of the purchase price and upfront originating fees of as much as 10 points (1 point =1% of the loan).

Bad credit mortgages also typically carry high fee structures. While a first time home buyer with excellent credit might find them self looking at a one point originating fee a person with poor to bad credit could be looking a five to ten points either paid upfront or added to the principle.

It is obvious that it is far more desirable to have a high credit score when looking for a mortgage however most people just decide that they want a home, call a Realtor and jump right into the deep end without any thought into the process of credit repair.

If you want to buy a home but your credit score is in the lower ranges the first thing you need to do before you consider getting in touch with a real estate professional to arrange viewings is to get your credit report and go through is thoroughly to try and find ways of raising your score.

Simply paying off or paying down credit card balances can have a large positive affect on your credit score. High credit card balances in ratio to the credit card limit are seen as risk to the lenders and result in lowering your credit worthiness which in turn lowers your credit score. Try to keep your carry over balance at no more than 30% of your limit. If you have more than one card try to spread the balances over all the cards.

Check through your credit file for outstanding payments or judgments are dragging your credit score down. Many people feel that they have moved on from the old cell phone bill or utility bill that the neglected to pay for what ever reason and have now totally forgotten. The trouble is that your credit file holds its memories for 7 years and bankruptcy memories for 10 years.

If you find on old unpaid bill like a utility bill for an apartment that you moved out of years ago and forgot to pay then call the creditor and arrange to pay it off in return for having it removed from your credit report.

A word of caution however, most delinquent bills are sold off by the original creditor at a discount to collection agencies. The business model of collection agencies is to get paid period. Remember that the collection agency did not report you as delinquent to the credit bureau, so if you are negotiating to have the negative entry removed in return for satisfying the debt, ensure that you have written confirmation that it will be removed or altered to positive wording from the party who mad the report in the first instance. Do not trust the collection agencies word, they will say anything you want to hear until your check has been cashed and then you will be on your own.

If the only reason you are paying off a debt is to have the negative information removed from your credit report it is of the utmost importance that you have a confirmation in writing from the original lender stating that the issue will be dealt with in a particular fashion that satisfies your needs.

So don’t just accept the fact that you have to pay high interest rates, large down payments and exorbitant fees to get into a home loan because your credit score is low. Be proactive and work on your credit report before you apply, you will be financially rewarded.

If you are interested in applying for a bad credit mortgage or in how to locate and apply formortgages for poor credit we have a wealth of free information at Mortgages for Poor Credit.

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The Cost of Poor Credit

poor credit credit card
by yksin

Millions of Americans have credit reports that reflect a less than ideal credit history. If you fall into this category, you’ll soon find that the cost of poor credit can penetrate deeply into your life. You may not be able to qualify for a small personal loan, secured credit card or computer loan. And it doesn’t end there. Lenders, employers, landlords, insurance companies, and other organizations often look at your credit report in order to evaluate your financial status.

Your credit worthiness is reflected by how well you manage debt and how often you make on-time payments. Every time you apply for credit to purchase high-value items such as a house or car, your credit history gets thoroughly reviewed. Most financial institutions consider your credit scores as a benchmark to determine credit worthiness. They take this figure seriously, and it is often the most significant factor in their decision-making process.

If you have a poor credit history or a low credit rating, a business may deny you the credit you request. Bad credit scores can take away your chances of getting approved for a mortgage, car loan, personal loan, or even a credit card. If you are able to get a loan, you may have to accept unfavorable terms and conditions. Some credit card companies might issue you a card, but only grant you a small spending limit.

When lenders take on customers with lower credit ratings, they often charge higher interest rates. This is done in order to compensate for the higher risk a borrower holds on account of failing to pay monthly installments, late payments, or defaulting entirely. Additionally, lower credit scores may result in a tight payment schedule.

The lending industry charges different rates, based on the health of your credit score. From credit cards to mortgage loans, people with poor credit end up paying much more over time than those with outstanding credit. Let’s consider a few examples of the cost of bad credit with respect to various products.

Mortgage Loans

A mortgage often involves a large amount of money, so even a 0.5 percent interest rate variation can become significant. You could end up paying around $ 5,000 more on a 15-year mortgage, for instance.

Auto Loans

The rate you’ll receive on a car loan can vary greatly, depending on your credit rating. Say two people apply for a loan of $ 18,000 to purchase identical cars from the same dealer, and plan to repay the loan in 3 years. The only difference is their credit rating: Person X has excellent credit, while Person Y has bad credit. Person Y will attract a higher interest rate. The monthly installment and total payout for Person X might be $ 532.07 and $ 19,154.52, respectively. However, Person Y’s monthly installment and total payout could come out to be $ 677.69 (145.62 more than Person X) and $ 24,396.84, respectively. So the person with bad credit will pay approximately $ 5,242 more for the very same car.

Even if your credit is not terribly low and you qualify for a loan of 13 percent, you would pay approximately $ 2,679 more for the same car purchase by Person X.

Credit Cards

When customers with excellent credit ratings apply online for a credit card, they are usually approved for the card within minutes. They might receive an attractive interest rate, such as 9 percent, and have no annual fee.

Those with poor credit, however, will face more difficulties in the process. It may be hard to get their application approved of, and even then a high interest rate might be attached. Receiving a rate between 19 and 24 percent is common. An annual fee ranging from $ 200 to $ 450 may also be included. The magnitude of the extra cost would depend on the monthly balance carried. Overall, however, the person with bad credit will often end up paying at least twice as much as the person with good credit.

The above examples are just a few of the many ways that bad credit can cost you. In reality, the cost difference between good and poor credit can be even greater. More so, the cost of repairing bad credit also tends to be expensive. Think about it: can you really afford to keep your eyes off of your credit score?

Click Here to Find Bad Credit Credit Card Offers.

Stephanie Andrews is a contributing editor of the website http://www.CreditCardCity.com – a credit card directory where you can apply for a new credit card with secure online applications. Visit now to compare all of the best online credit card offers.

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Poor Credit assist – Tips for Fixing Your Credit

Today people tend to be working with lots of financial obligation and bad credit. Regrettably, bad credit can affect every part of your daily life. It can change lives if you are selecting employment, an apartment, financing, and sometimes even home financing for a property. When you have credit which fairly unfavorable, credit repair my be a fantastic selection for you to definitely give consideration to. Whilst it’s an easy task to let your credit rating slip away, it really is a tad bit more difficult to carry it back-up to where it must be. Here are a few helpful suggestions to guide you when fixing or enhancing your credit.

Get A Copy or Your Report

The very first thing you will want to do if you’re interested in restoring your credit is get hold of a credit report. You have to be in a position to see what is regarding report so that you understand the standing of one’s credit presently before starting the restoration procedure. If you can find things on report that aren’t precise or that are outdated, you will need to dispute it. In this manner you clean up that credit history and get things back on course.

Work Now to ascertain Good Credit

If you might be taking care of credit repair, it is necessary which you focus on setting up good quality credit. It’s easy to include several great accounts to your credit file that lenders can see. Having a checking account, credit cards account, and an individual checking account is a good begin. Cannot do anymore than that. This will provide the appearance that you’re becoming more responsible and stable economically. As you make certain you keep all the reports present and compensated, you’ll be able to discover that one can establish some good credit immediately.

Personally You will need to obtain a Loan

Having different sorts of credit in your credit file can be helpful for credit repair also. Whenever you show as possible deal with a lot of different credit, it helps to increase your credit rating. Attempt taking out fully a little personal loan. After that quickly repay it. It will not only show diversity inside sort of credit you have got, nonetheless it will show that you will be handling your credit successfully also.

These are only some ideas and techniques that one may work with a bad credit. Of course, there are lots of various other techniques to work with restoring bad credit too. Begin to use these tips to give you begun and run building your way to an improved financial future with great credit.

SBFC legislation group SBFC legislation team

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