Subprime Credit Card
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.
These two factors are very important when your score is being calculated. If these two factors are good then you can create a good credit score even with negative items on your credit 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.
A sub prime credit card is superior to a secured card when it comes to credit reporting. With a secured card it will report to the bureaus as a secured account and will not help as much as an unsecured account.
You should still try to remove derogatory items from your credit report. However you should know that once a derogatory item ages for four years then it will have much less weight on your score.
To get the most benefit from your card on your credit we suggest you keep the balance at roughly 20%. This will show the bureau that you do in fact use your credit and that you 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 card for those looking for a second chance with credit. With proper use it can rebuild a low 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.
These two factors are very important when your score is being calculated. If these two factors are good then you can create a good credit score even with negative items on your credit 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.
A sub prime credit card is superior to a secured card when it comes to credit reporting. With a secured card it will report to the bureaus as a secured account and will not help as much as an unsecured account.
You should still try to remove derogatory items from your credit report. However you should know that once a derogatory item ages for four years then it will have much less weight on your score.
To get the most benefit from your card on your credit we suggest you keep the balance at roughly 20%. This will show the bureau that you do in fact use your credit and that you 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 card for those looking for a second chance with credit. With proper use it can rebuild a low credit score.
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For more about bad credit credit cards or for a review of the Continetal Finance MasterCard visit us.
posted by Debt Consolidation Loan at
6:11 AM
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