Have a poor credit rating? You still can have a credit card!

22 May 2013 - James Larkin

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Have a poor credit rating?  

You still can have a credit card!


Having a poor credit rating does not mean having to do without the conveniences of a credit card

If you have ever had financial difficulties, you will know how much easier life can be with a good credit rating.    All of one's financial history is stored in your credit report and banks and lenders use it before deciding if they want to lend you money.    If your credit history is just a little less than good interest rates might be higher, and if it is poor they are most likely to decline your application.


Poor credit rating cards specially for people with a bad credit history

People who have been refused for a credit card can still apply for a bad credit rating credit card.   This means not only that one can benefit from the advantages of a credit card, but some of these cards come with a built-in facility to help improve your credit rating.


Are there disadvantages?

Very often the interest rates can be rather high, and the credit limits will be lower than with traditional credit cards and missing a payment very often means high fines and charges.    Also, if one has a bad credit history already it is worth considering a prepaid card instead, which is a card with no credit given, and therefore without the danger of getting into serious financial trouble.

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