Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Trump Stocks and Crypto Mania 2025 Incoming as Bitcoin Breaks Above $100k - 8th Dec 24
Gold Price Multiple Confirmations - Are You Ready? - 8th Dec 24
Gold Price Monster Upleg Lives - 8th Dec 24
Stock & Crypto Markets Going into December 2024 - 2nd Dec 24
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Instant Decision Credit Cards– A quick fix for bad credit?

Personal_Finance / Credit Cards & Scoring Apr 30, 2008 - 01:28 AM GMT

By: Mike_Gracia

Personal_Finance Many people are now aware that opening a new credit card and running the account well is one of the best ways of improving one's credit rating. Those with bad credit that are expecting to get one of the instant decision credit cards however, may be a tad disappointed.


One of the problems with having a bad credit history, or even just a low credit score due to never really having credit (If that's possible these days!), is that most lenders will not simply approve your application instantly. Indeed, they may be considered unethical lenders if they did this.

Instead, you can expect to wait around 7 to 14 days for a response to an application for one of the credit cards for bad credit . (This does vary hugely with different companies however).

Once (or if) you are accepted, be sure to use the card very wisely…

As a bad credit risk, you will have to suffer a much higher rate of interest on your credit card . Often bad credit cards carry an interest rate of around 30 percent. Be sensible; USE the card to help yourself get a better credit rating, this will not happen if you get caught behind in payments again!

The way to get the best benefit from these cards is to pay off the balance EVERY month in FULL… That way, you should escape the excessive interest charges.

If you can manage to do this for a few months, you may well find your credit score increases enough to try for a standard credit card, or possibly even an interest free credit card (Please do remember, however, that applying for too much credit in a short time frame could possible look bad in itself, so maybe wait until you are confident that your credit score has improved sufficiently before applying for a better credit card, and if you get turned down by one company wait a good while before trying anyone else).

If you are unsure which credit card is best for you, then why not compare credit cards using an online service. If you speak on the phone to any debt agencies, or debt help centres about credit cards or loans, be sure to find out if they are going to search your credit file with the credit reference agencies.

Remember, once your credit is higher, and you have a low interest rate credit card (or even a 0 interest credit card ), it would perhaps be a good idea to transfer any balance off the higher interest credit card.

If you are scared that you may run up even more bad debt, but still want the benefit of having a credit card, why not consider one of the pre paid credit cards ? – These are also handy if your credit score is so low you can't get a normal credit card account at all.

By Mike Gracia

http://www.creditchoices.co.uk

    © 2007-2008 Copyright Mike Gracia / CreditChoices.co.uk. - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

    Mike Gracia Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in