As their very name suggests, adverse credit credit cards are an selection ready to those who have a bad credit history and, thus, credit rating.
Why you may want to apply
Credit Cards For People With No Credit History
If you do happen to have a bad credit rating, then there is a strong likelihood that you'll be thriving when applying for one of these credit cards where you have been turned down when applying to the mainstream card issuers.
Moreover, if you do have a bad credit rating, then applying for adverse credit credit cards can help you to re-establish you credit rating quicker - provided, of course, that you administrate the card correctly and pay your bills on time!
How to apply
You can apply either Online or in the more former method of sending off an application form. Usually it will take a join of days for the issuer to rule your creditworthiness. Having said that, in case,granted your credit rating is not totally destroyed you should be thriving in your application.
What will the credit limit be
Don't get too excited, although, like all mainstream cards, there is no set card limit, depending instead on your ability to repay the limit balance that may be outstanding, one of the ways in which adverse credit credit card issuers limit their exposure is to set the card limit below that which you may otherwise have received with a thriving application to a mainstream issuer. That said, in case,granted you keep a clean record and pay all of your bills in a timely manner, there is no think why your limit should not go up over time as you build trust between you and the provider.
What's the interest rate
Along with the credit limit, the interest rate is one of the factors that puts most people off applying for this type of card. In most cases the Apr is higher than that offered by competing cards and if you were merely comparing credit cards then it would look unattractive. Nonetheless, the best interest rate offered by the card is the same as that with any other card - 0%. So, if you pay off the balance in full each month, and with the lower limit this should be easier to do, the card will cost you nothing, while at the same time helping to rehabilitate your credit rating and history.
Adverse credit credit cards are an well affordable selection of getting your financial health back on track. It is important, however, that you try and repay as much of the balance as you can possibly repay each month and that you never fail to miss a reimbursement date - otherwise this type of card can very swiftly turn into an expensive and bad experience!
Adverse reputation reputation Cards Credit Cards For People With No Credit History
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