Subprime Credit Cards
These credit cards have been designed to give you a second chance with your credit. It is for those with a low or damaged credit score.
They can be used to improve a low credit score. This is because it can create a positive payment history and improve your ratio of available credit to debt.
Your payment history and available credit to debt are both very important to your credit score. By improving these you can improve your score even with bad credit items on your report.
There is monthly credit reporting with these cards. You should expect an APR of 19% and you will have some fees for these cards. This is the cost of a low score, however used correctly and this can be the last time you have a cost due to your score.
These cards will come with a credit limit around $300 and they will give you periodic limit increases. However some cards like the Tribute MasterCard do offer a $70 limit for those with a very low score.
These cards will help to improve your score more than a secured card. This is because secured cards are reported as a secured account to the bureaus and this will be weighted less than an unsecured account.
It is still important to remove negative marks from your credit history. However it has been learned that after a negative mark ages for four years it has much less impact on your score.
You should know that to get the most out of your card on your credit you should try to keep the balance at roughly 20% of your available credit. This will help because it shows the bureaus that you do use your card and are using it responsibly.
You can still get approval for a sub prime card even with; charge offs, collections, judgments, and even a bankruptcy. However each card has different approval requirements. Many of them will give you an instant decision upon submission of your application.
In sum we do suggest a sub prime credit card for individuals with a damaged credit history. It can be used to help you build positive credit and rebuild your score.
They can be used to improve a low credit score. This is because it can create a positive payment history and improve your ratio of available credit to debt.
Your payment history and available credit to debt are both very important to your credit score. By improving these you can improve your score even with bad credit items on your report.
There is monthly credit reporting with these cards. You should expect an APR of 19% and you will have some fees for these cards. This is the cost of a low score, however used correctly and this can be the last time you have a cost due to your score.
These cards will come with a credit limit around $300 and they will give you periodic limit increases. However some cards like the Tribute MasterCard do offer a $70 limit for those with a very low score.
These cards will help to improve your score more than a secured card. This is because secured cards are reported as a secured account to the bureaus and this will be weighted less than an unsecured account.
It is still important to remove negative marks from your credit history. However it has been learned that after a negative mark ages for four years it has much less impact on your score.
You should know that to get the most out of your card on your credit you should try to keep the balance at roughly 20% of your available credit. This will help because it shows the bureaus that you do use your card and are using it responsibly.
You can still get approval for a sub prime card even with; charge offs, collections, judgments, and even a bankruptcy. However each card has different approval requirements. Many of them will give you an instant decision upon submission of your application.
In sum we do suggest a sub prime credit card for individuals with a damaged credit history. It can be used to help you build positive credit and rebuild your score.
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We suggest the Tribute Credit Card or the Orchard Bank Card for a review of these cards visit us.
posted by Debt Consolidation Loan at
7:52 AM
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