By financen | April 23, 2008 - 5:21 am - Posted in Credit, Credit Card

People who have a bad credit are in the toughest spot. Even if you have taken measures to clean up your bad credit, it is always going to take some time before you can see your credit scores going up. You didn’t have the bad credit situation overnight. So, the repair work is certainly going to take some time. Your application for new credit will be delayed especially if you are applying for a small loan or mortgage because of your credit history. In a situation like this, if someone calls you on the phone and asks you to apply for a credit card and they can make your credit scores perfectly alright, be aware of them. They can charge you an upfront fee and perhaps, not offer you any services for which you paid them.

You may fall into a bigger scam if you apply for a credit card with a very bad credit history. There are so many companies that advertise their credit card offers through fliers, letters and even make phone calls to the people, especially who are in huge debts. They will claim that everything will be restored to normal if you pay them a fee. Be aware that you are going to pay them some money when you are already in a financial crisis and there are many companies on the internet that are big scams.

If you hear from someone on the phone who says that your bad credit is not a problem and they can clean up your bad credit history instantly, you need to be cautious of such people. They are definitely trying to take the advantage of you. They know it very well that you have made some bad mistakes in the past and you definitely want to come out of it. Lack of research and adequate knowledge will put you deeper into the hole. Accurate negative information is going to stay on your credit report for seven years. No credit repair company can get it removed from your file before the legal time period. Do not apply for a credit card with the hopes that you can pay off your existing debts by it. Talk to a non profit debt counseling company who have the options of reducing your existing debts. They can put all your debts under one affordable monthly payment plan and negotiate with your creditors. They will let them know that you are unable to pay their highest interest rates and late fees, so you definitely want some reduction in your monthly payments, late fees and the finance charges. If you really want to apply for a credit card, there are some legit companies that might have some zero percent interest rate offers for a limited period. There are some credit cards for people with bad credit. Don’t let scammers scare you away from legitimate help when it is available.

This entry was posted on Wednesday, April 23rd, 2008 at 5:21 am and is filed under Credit, Credit Card. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Comments Off on Credit cards for people with bad credit

Comments are closed.