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
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 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