December 18, 2017

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Take Charge of Your Credit Score


Top Consumer Reviews Articles provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Credit Cards for Poor Credit Scores

Overspending, a week economy and a startling number of bankruptcies have many consumers licking their wounds. Starting over financially is no walk in the park but is a necessity to get back on your financial feet. The game plan now is to show creditors that you can be responsible in a number of ways but how should you get started?

Obtain a Credit Card

This may be easier said than done. Many lenders will reject applications for credit from those will poor credit. But that doesnít mean youíre out of options:

  • Prepaid Cards are one option for those unable to qualify for a credit card. Essentially they work independently from your credit score and do not impact you positively or negatively on your credit history. The basis of a prepaid credit card is that, for a fee, you may ďloadĒ the card in advance via a cash payment and then are able to use it as needed. Again, prepaid card companies will not report your responsible spending to reporting agencies but will help you learn to stay within your budget and get you into the habit of only spending what you have available.
  • Secured Credit Cards are similar to a prepaid card but do work in conjunction with your credit score. Typically a customer is able to obtain a secure credit card via a cash deposit. After several months of making monthly payments and staying within the credit limit, a secured credit card company will often issue a line of credit that is more similar to an unsecured credit card.

Donít Over Apply

Simply enough, if two or three credit companies have rejected your credit card application donít continue with more requests until your credit history improves. Each time a credit check occurs you potentially impact your credit score. If you canít get a credit card today but need access to a Visa or MasterCard, start with a prepaid card where credit score is a nonissue. This will get your through the rough period and help create responsible spending habits.

Establish a Payment History

Once youíre able to gain access to even a very small line of credit treat it with the upmost importance. Demonstrate that you can make monthly payments on time each month and spend only within your credit limit. This practice done consistently will eventually earn you a larger line of credit at cheaper interest rates. Payment history is one of the top contributing factors to your credit score and is a large factor is gaining the approval of future lenders.

Unfortunately you canít wave a wand to magically place an unsecured credit card into your pocket. But there are options out there for those with damaged credit. If youíre having trouble obtaining a credit card look for prepaid and secured options until your payment history improves.

The Best Credit Cards for Poor Credit of 2018

In time I'll get a secured card to build my credit rating back up. $2-$5 monthly fee isn't that expensive, when there should never be no interest to pay, if I pay myself back on time every month. Yes I understand I should have used the bad credit ...

Published:  Sat, 16 Dec 2017 23:02:00 GMT

What the Federal Reserve rate hike means for your credit-card debt and savings

Bad news for people with credit-card debt: It's about to get more expensive. The Federal Reserve said Wednesday it is raising its benchmark federal funds rate by a quarter percentage point to between 1.25% and 1.5% - the fourth increase in a year.

Published:  Sat, 16 Dec 2017 13:03:00 GMT

Bringing credit to the poor credit masses, this D.C. startup just raised $10M more

D.C.-based FS Card, a credit card company aimed at people with bad or no credit, has raised another $10 million as it works on rolling out new products and building its rapidly growing customer base. Backed by financial services venture specialist Fenway ...

Published:  Fri, 15 Dec 2017 10:48:00 GMT

What You Need to Get Approved for Personal Loans With Bad Credit

It can help with goals such as consolidating high-interest credit card debt. Learn what you can do to increase your chances of getting approved for a personal loan even when you have bad credit. Having bad credit is often confused with having no credit.

Published:  Thu, 14 Dec 2017 11:14:00 GMT

Don't Have Good Credit These Credit Cards Still Earn You Rewards

Plus, this card is available to consumers with poor, bad, or nonexistent credit. For Less-Than-Perfect Credit: To open this secured card, you'll need a security deposit of at least $200, and your initial credit limit will equal your initial deposit.

Published:  Thu, 07 Dec 2017 21:01:39 GMT

Credit card debt is costing you nearly $1,000 per year

But the bad news is that credit card debt is on the rise. Nearly half of Americans carry credit card debt, with an average balance of $15,654, according to an analysis by NerdWallet, based on data from the Federal Reserve Bank of New York and the U.S ...

Published:  Wed, 13 Dec 2017 23:01:00 GMT

5 Signs of a Bad Credit Card

Searching for the right credit card can be difficult-you're constantly barraged with gimmicks and "special offers" and cards that are too good to be true. To help navigate this process, we've assembled five clear signs that a card offer isn't ...

Published:  Sun, 10 Dec 2017 22:10:00 GMT

Is Closing a Credit Card Good or Bad for Your Credit

Q: Dear Credit Card Adviser, I want to set the record straight. I've been told that canceling credit cards I no longer use will help my credit score because of the credit limits. I've also been told that I should not cancel my credit cards I no longer use ...

Published:  Sun, 23 Feb 2014 16:00:00 GMT

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