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Credit Cards and Secured Credit Cards
Credit cards are of everyday use for a lot of Americans. Even people with bad credit are getting secured credit cards so they can build their credit. The use of credit cards is not necessarily bad, but needs to be done responsibly. This means it...
Credit Cards - The Basics
How Lenders Operate - And How They'll Make a Tidy Fortune from the Unknowing
Credit card companies might seem like immensely clever, money making enterprises that exploit every loophole to maximize the interest payments - and profits - they are...
Is A Home Equity Credit Line Right for You?
Is A Home Equity Credit Line Right for You? Home Equity Using credit lines against the equity of your home are one source of consumer credit that is fast gaining popularity. Home equity is a valuable asset which both lenders and borrowers can...
Preventing Identity Theft And Credit Card Fraud: How To Protect Your Credit Information
According to a recent poll by Experian, one in five Americans has reported they have experienced some form of identity theft. If it happens to you, and your identity is stolen, you might be in for a lengthy hassle that could cost you your credit...
What Is A Credit Card Merchant Account: The Most Important Element Businesses Have To Know
With the proliferation of the Internet technology, everything
revolves in a fast digital world of information technology, and
credit cards had continuously dominated the scene with
tremendous rate.
Today, credit cards had already brought...
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Bad Credit Loans - You Do Have Options
If you are one of the millions of people walking around today
with a bad credit rating, you may well be wondering how you'll
ever be able to get a loan again in the future. Well wonder no
longer. If you need a loan and have bad credit, the following
are some of the alternatives currently available to you:
Bad credit personal loans
Although you may have been told that having bad credit debars
you from applying for a loan, this is in fact a myth. Indeed,
there are a large number of lenders willing to lend money to
those they consider 'credit risks'. The only problem that you'll
have to contend with is the fact that the amount of the loan may
not be as much as you would otherwise have liked it to be and
you may well end up having to pay a higher interest rate - as
you'll be seen as a higher credit risk!
Credit cards
Even though you have bad credit, with the intense competition
there is these days among credit card providers, you should able
to get a bad credit rating credit card. That said, be prepared
for a couple of shocks:
First, you may be asked to apply for a secured credit card. In
short, a secured credit card means you agree to provide the
credit card provider with security over the credit card limit.
Practically, this means you have to give them a cash deposit to
cover any expense you incur. While this is very burdensome on
you, it is also an ideal way to start to rebuild your credit
rating.
Second, even if you are not asked to provide security, the limit
on your credit card is not likely going to be anywhere near what
you were used to in the days before you had a bad credit rating.
In part, the reason for this is to ensure you can make the
minimum repayments.
Third, be expected to pay a higher rate of interest than would
have been the case when you had a mainstream credit card.
Nonetheless, with the lower credit limit, you really should be
looking to repay your bad credit credit card in
full each month.
Pay day loans
When all else fails, you can apply for a pay day loan. In short,
pay day loans are a new concept offered by lenders predominantly
advertising on the internet who agree to provide you with a
short term loan until you receive your next pay check. In order
to be able to apply for a pay day loan, you need to evidence
that you receive a salary and have a current checking account.
You do not need to comply with any credit rating check as a
credit rating check is not undertaken - thus making it an ideal
short-term loan for those who have a bad credit rating. That
said, pay day loans do attract high fees and so they are not
generally considered a wise move in any long term debt
management plans.
Bad credit mortgages
As with all other types of bad credit loans, some lenders are
willing to provide bad credit rating mortgages. However, be
warned that you'll likely need to have some savings as most bad
credit rating mortgage providers expect borrowers to invest up
to 20% of the purchase price of the property themselves, i.e.,
they'll not likely lend you any more than 80% of what they
believe the appraised value of the property is.
Alternatives
Finally, keep in mind that just because you have a bad credit
rating does not necessarily mean the whole world does. So if you
have a relative or friend who has a good credit rating, and they
are willing to lend money to you, this could be a very cost
efficient way for you to borrow money. Nevertheless, generally
borrowing money from family and friends is not overly
recommended as it does put certain strains on relationships if
you fail to repay them, or if you believe that repaying other
debtors before them is more important.
About the author:
Monique Thomas helps you find the resources and information you
need to make an informed decision about your finances. Subcribe
to our announcement list by visiting: http://www.crazydebt.com
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
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| The FTC's web site on Credit |
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| Federal Trade Commission - Consumer Credit Center |
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| AnnualCreditReport |
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| Credit referencing and consumer targeting for the USA and other countries. |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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