Are Bad Credit Credit Cards A Good Idea?
Posted at by ifydcat on category CreditNo one can ever tell you whether a credit card is totally bad, but if you give a credit card to a child that is sure to end up as one. However, that is not the prime way a credit card goes bad. What do you really have to know about a no credit checks?
Theres one thing you have to know about bad credit credit cards and that is they have high interest rates than the regular cards. Just like when youre applying for a totally new card, you would have to check the variables such as credit limitations, APR, and the enrolment that are part of the credit card deal package.
It is quite likely that their high interest rates make up some of the stringent restrictions.
One of these restrictions that you can get from this type of credit card is the high start-up fee.
That is in addition to what you have to pay for annual fee and the monthly service charge. In technical terms while still looking at it, you already have to pay for a balance. Thats just how erroneous it can get.
The good thing about this type of credit card however is that it will only take a day for you to process.
Well, for one main reason, you wont be required to submit a pair of requirements. It is also easy to avail. You can telephone in or browse the web for some decent prospects.
It is also said that a no credit checks credit card company reports to three credit bureaus and that means when you avail of a credit card, especially the bad credit one, you have a great chance to save your bad credit history by good monthly repayments.
Just dont forget about one thing thats common to every transaction that involves contract or any written agreement: Before you attach your most valuable signature to these documents, please read the fine print.
You will be pleasantly surprised at some noticable points that you might want to think over. A wise individual won’t fall into the trap and try to check as many no credit check credit card offers as possible.
However, perhaps the best tip you should know is that you should check your credit history fairly regularly. It is a significant factor that affects the interest rates you can gain, your insurance premium, or even your job!
Its also a great way to make sure that your identitys still intact. Otherwise, you can very well see someone who is stealing it.