Poor Credit Rating Credit Cards
Below you can view a selection of bad credit rating credit cards which are credit cards for people with a bad credit score. Poor credit rating credit cards are popular in America, as they are aimed at people who have had difficulty getting a regular credit card. Bad credit rating cards are credit cards for people with bad credit. You can help yourself by building up your credit score with special facilities to do so (some bad credit rating card providers will send reports to the three major credit bureaus monthly Ė this does require a good card performance from you!). Applying for bad rating credit cards is easy. By getting poor credit rating credit cards you can improve your financial future by re-building or building your credit history. This will require you to make your minimum payments on time. Use the chart below to compare the main features of credit cards for bad credit Ė is there an annual fee? How much is the interest rate?
Compare Poor Credit Rating Credit Cards
Donít let a poor credit rating stand between you and the credit that you want.
Do you have a bad credit history?
Most people do not realise how important a good credit rating can be. Your credit report contains all of your financial history. It is used by banks and lenders to assess how reliable you are to lend money or credit to. If you have anything less than a perfect credit rating you will struggle to get approved for the product you want. You will also find that those with good credit scores will be offered the best credit cards and will be able to borrow more with lower interest rates.
What is a Poor Credit Rating Credit Card?
Poor credit rating credit cards are specifically aimed at people who have been refused for a credit card elsewhere and those who have a bad credit history. Some of these cards come with a credit rebuilding facility which can help you improve your credit rating over time. If you use the card responsibly you will rebuild your credit rating which will result in better credit card conditions in the future. However, please bear in mind that depending on the state of your credit history this can take some time.
What are disadvantages of Poor Credit Rating Credit Cards?
If you are considered to have a poor credit history you will find that the interest rates on these cards is often considerably higher than on other types of credit cards. You will also find that the credit limits on these cards can be a lot lower. However, correct use of the card will result in higher credit limits and lower interest rates in the future. You will find if you miss payments you will have to deal with late payment charges and interest fees all of which can easily accumulate if you are not careful. You need to make sure you make the repayments on time so that you avoid falling into debt and so you donít damage your credit rating even further.
Finding the right card for you
There are a large variety of poor rating credit cards available on the market. Use the table above to compare different cards against each other to find the one best suited to you. When comparing poor rating credit cards make sure you are aware of any fees that are associated with these cards and always read the terms and conditions fully. It is really important that you know what happens if you miss payments because the consequences can be severe. Also look out for other fees because you can be charged for things like making withdrawals from cash machines, using your card abroad and making transfers. Some cards also have annual fees just for using the card so make sure you check this in advance.
If you are in any doubt then you must ensure that you seek independent financial advice. Failure to make your monthly repayments could result in legal action.