Crediteria Credit & Finance August 20, 2008 BAD CREDIT CREDIT CARDS AID FINANCIAL RESTORATION Got Bad Credit? Credit Cards are Essential for Everyday Living Yes! There are bad credit card cards for people with bad credit or no credit are in this situation because, as a borrower, your issued credit at some point became unmanageable. The reason for most people with very bad credit is mainly due to a lack of financial education through your younger years. It's unfortunate that the previous generation didn't teach us about money and credit management however since you are likely reading this because it's too late and you are currently in a situation where your credit got out of control and you are desperately looking to apply for a credit card because you are quickly seeing that living without a credit card is really tough in this day and age. Likely you have been applying for credit cards and are feeling a bit discouraged, receiving reject after reject on the card offers you apply for. Do not despair; there are financial companies that have packaged bad credit card cards that you can qualify for While those of you that have less than perfect credit are now in a bit of a bind I do have some good news, there are companies that will extend credit to you. Credit card offers for those with bad credit are a real blessing because they can help you re-establish your credit rating on file with the major credit bureaus. According to an article I just read from the Nashville Business Journal: A study conducted by Citizens for Equal Access to Credit found that a large percentage of subprime credit card users improved their credit rating within a two-year period. Based on a study of 360,000 card users, at least 35 percent of consumers with low-limit credit cards improved their credit scores in two years. More than 60 percent increased their score by 40 or more points and were awarded a higher credit-card limit. Javier Cuebas, the Executive Director at the Citizens for Equal Access to Credit, reported that 1 in 3 Americans are in the category of people with bad credit. So the need for bad credit credit cards is higher than ever and financial institutions have responded by designed card offers with low limits. By issuing card offers with a small credit limit mitigates the risk to the issuing credit card company by keeping potential losses to an absolute minimum while giving you the ability to restore your credit bureau score. Application Tips for People with Bad Credit First of all I would like to help with your financial education and make you aware of what you need to know before you apply for a bad credit credit card offer. Make sure you read the full rate & term detail as well as any fees and disclosures. Credit card issuers are required to make full disclosure of all fees and conditions on cards they issue. Applying for a credit card and making sure you are comparing offers that are suited for people with bad credit will ensure that you fully understand the costs associated with the card you apply for. If the fees or terms are not to your satisfaction, then move on to the next application. Gaining financial wisdom is really that simple. If you thought I was going to make a profound statement about applying for bad credit credit cards, I apologize for letting you down! It's important that I get my point across though that you take a few minutes to read the conditions and fees that you are agreeing to.
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