poor credit card is meant for people with bad credit score. It is meant for people with poor credit rating, or still no credit ratings. Even though the credit industry is bearing the risk now, there are still credit cards offered for people with poor or bad credit. however, if you find your self here, or have faced problems earching a credit card because of your credit history, there are a ome portions of poor credit card that you need to know about.
first, credit companies that provide credit cards to people with bad credit history are bearing much risk than if they were accepting only those with good credit ratings. This might be bad, given that there are some special moments in your past that can make you to be rejected for reasons you don't know.
nevertheless, having a poor credit card eventually limit your selection of credit cards. It is a short term answer to get you back on your own. It is also use to increase your credit score so long as you pay your debt on due. The only disadvantage is the high APR interest that you are required to pay. Many credit card companies can therefore reject your applications, rendering life difficult at the time you needed it most.
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Nevertheless, if you are prepared to give guarantee to the credit card company, you may be eligible for a secured bad credit card having a lower APR. in this way, you can still receive interests on your guarantee, and at the same time benefit from excellent rates. The
difficulty is that, you might be asked to pay other charges such as yearly fees or set up fees.
Things to remember when taking an poor credit card
The first is least balance that one must maintain in the bank, the second is the limit of credit that one is allowed to have (tolerable credit that you can use based on the steadiness of your bank account), all the interest bills that you use when you apply for a bad credit card and the interest feature that you are require to pay are reliant on your bank account stability.
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If you succeed in getting a poor credit card, then you can still maintain your credit score and fix it from bad to good. In order to attain this, you have make all your payments before time. If you are really regular with the payments, in a given time, you will be seen as
a creditworthy person. And the company will reduce the interest rates together with the yearly bills on the card.
