| |
Here's an up-to-date report of
keep credit card debt to minimum over holidays
Credit Cards For People With Bad Credit Scores
Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will still show a delinquency. A stolen identity can also leave you feeling violated and unable to resume a normal life with credit. It is during these times you may have to search a little harder to find companies that wan to deal with people who have bad credit. There are a handful of lenders who will help you re-establish your creditworthiness by using one of their credit cards.
The price you will pay
Searching the Internet will give you a good idea of what types of credit card companies will deal with bad credit. Companies like Capital One, Orchard Bank, Providian Financial and even Citibank have plans to help you get back on your feet again. But at what price will you have to pay? The price is interest. Interest rates from these companies can be up to 25-30% annually. So it is important to manage your money and credit more wisely.
One of the many benefits of using one of these preferred lenders is that they report positively to the major credit scoring repositories. That means if you make timely payment it will be in your favor and will help boost your credit rating back up. The interest you pay is a small price to pay to get back on your credit worthy feet.
The secured credit card route
Most of the major banks and lending institutions may seek a deposit matching mechanism called a secured credit deposit before backing a credit card for you. This card is used the same way that a normal credit card is, however the cardholder must fund it before using. If the cardholder deposits $100 into the interest bearing account their credit card is funded at 100% of their deposit. Some credit cards can at their disposal issue double or triple matches to boost the amount the creditor can spend. The deposit of $100 can return $300 in credit terms. Secured credit cards also report positively to the credit agencies and will eventually become normal revolving accounts and the balances held for deposit are credited back to the cardholders account. A very positive way for people with bad credit to obtain the financial vehicles they need.
By Jakob Jelling
http://www.cashbazar.com
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
More Useful Resource and Updates on keep credit card debt to minimum over holidays
- Pleasant Grove police crack theft and credit-card-fraud ring (Deseret Morning News)
Police officers have cracked a theft and credit-card fraud ring, leading to the recovery of thousands of dollars of stolen items ranging from plasma TVs to underwear.
- Secured card can help you build credit (Bankrate.com via Yahoo! Finance)
A secured credit card can help rebuild your payment history if you have bad credit, says Dr. Don Taylor.
- Brazen credit card theft leads to conviction (The News)
NEW?GLASGOW ? A 25-year-old woman who stole John Hamm?s credit card from church and worked with her common-law partner to steal a purse from an elderly lady in Stellarton has been sentenced to probation.
- Home Depot gets credit card boost from Citigroup (Atlanta Journal-Constitution)
Home Depot, which has one of the largest consumer credit card portfolios in the country, has penned a new deal with its outside credit vendor, Citigroup Inc., the world's largest card issuer. The deal may seem like inside baseball. But it's a big deal for the country's second-largest retailer, as the cost of maintaining the portfolio under the old agreement was depressing earnings. The new deal ...
- Crime Stoppers offers reward in credit card abuse case (The Atascocita Observer)
On June 4, an unidentified suspect broke into a woman?s vehicle and took her purse, which contained several credit cards. When the victim called to cancel her cards, she was informed that her Visa card had already been used twice.
- AG Cuomo: Gas stations cheating credit card customers (AM New York)
New Yorkers should be wary of running across greedy gas station owners, who are ripping off credit card customers, state Attorney General Andrew Cuomo said.
- Cuomo calls on gas stations to stop surcharges on credit card customers (The Journal News)
ALBANY - Attorney General Andrew Cuomo is warning gas stations across the state not to engage in "bait-and-switch" tactics by posting lower cash-only prices for gas and then charging higher prices for credit card customers.
- Credit Cards: Retire that credit card debt
... paying the monthly minimum of $120 to the credit card company and applying the ... Beware of holiday credit come-ons. Many Americans use credit wisely, but ...
- Student Finances Tips: Keep credit card use down over the holidays
... school debt-free in September accumulates over $1,500 in credit card debt by May. ... or make one from old holiday cards, photos, or any other creative materials. ...
- How to Build a Good Credit History | eHow.com
... card, use it once, pay it off, cut up the card, but keep ... cards, and movie rental stores (among others) require a non-debit credit card for an account. ...
- How to escape card debt - USATODAY.com
One incentive to keep spending on credit cards is the reward: points that can be ... to tackle credit card debt, make sure you still pay at least the minimum on ...
- Time to Tackle Credit Card Bills - Kiplinger.com
... your best intentions, you leaned on your credit card to get through the holidays. You weren't alone -- consumers charged $232 billion on their Visa cards ...
- How to Eliminate Credit Card Debt - Associated Content
... minimum but as you pay off your card your minimum will drop but if you keep your ... How to Avoid Over Spending This Holiday Season. Type in your comments ...
- Study: Credit card issuers ensnare many in debt traps
... marketing and minimum payment terms that keep cardholders in a cycle of debt. ... Prohibit over-limit fees if the card issuer permitted the credit limit to ...
|
|
|
