Compare Poor Rating Credit Cards
It is not impossible to get a credit card if you have a bad credit history but it can be costly.
The importance of your credit report
Your credit report contains the information lenders will look at when they are deciding whether or not to accept your credit card or loan application. You can get a bad credit rating from failing to pay your loan or credit card bills, are not on the electoral register or have any County Court Judgements.
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 Rating Credit Card?
Having your credit card application turned down because of your financial history can be very frustrating. However, there are cards available for people who have been refused elsewhere. Bad credit credit cards or poor rating credit cards are designed for people with no credit history or people who have a bad credit rating.
These cards can help you rebuild your credit rating
Some of these cards come with a credit rebuilding facility which can help you improve your credit rating over time. If you can demonstrate financial responsibility by meeting your repayments on time, you are likely to be offered a better card with a better rate in the future.
Avoid the dangers of a Poor Rating Credit Card
You will find that with a poor rating credit card you will be given lower credit limits. However, as long as you keep up with repayments, your credit limit will be increased.
You should be realistic about what you can afford and don’t take on more payments than you can manage. With a credit card make sure that whatever you agree to pay your lender, it is something you can manage responsibly. This way you will be able to establish a better credit history.
As you may have a history of not meeting your repayments, lenders will consider you to be more of a risk if you have not demonstrated responsible use of borrowing money. As a result you will find higher interest rates on poor rating credit cards than many other cards. However, correct use of the card will result in lower interest rates in the future.
Remember that if you fail to meet the repayments you risk damaging your credit rating even further.
Finding the best card
Use the able above to compare some of the leading poor credit rating cards available.
You should look for the card with the lowest possible interest rate and make sure you are aware of any fees associated with the card. You need to make sure you know what happens if you miss payments because the consequences can be severe.
Always read the terms and conditions of the card fully and don’t be afraid to ask any questions you might have.
26 April 2012 17:00
People with a poor credit rating will struggle to obtain the credit card they want. However, On the UK market today there are credit cards specifically designed for people with a poor credit history.
18 April 2012 15:00
Which Way to Pay
If you have a poor credit rating but need a credit card the Granite Credit Card is now available at Which Way To Pay. They will consider your application even if you have poor credit history, past credit card problems, previous CCJs or other financial problems.
02 July 2009
Xenia Rainey (Which Way To Pay)
It can be a time consuming activity trying to find a credit card that will suit your needs, let alone accept your application. If, like thousands of other regular citizens, you have had a few problems with your credit rating it can be even harder to find a card. Most providers have strict criteria for applicants, and sometimes leave customers waiting until the last moment to say that in fact their credit history is not suitable.