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How to Obtain a Credit Card with a Bad or Fair Credit Rating

Posted On : Nov-09-2011 | seen (189) times | Article Word Count : 525 |

Anyone who has ever received credit card applications in their junk mail realizes there are many opportunities for repairing or restoring damaged credit.
Anyone who has ever received credit card applications in their junk mail realizes there are many opportunities for repairing or restoring damaged credit. Though often times an individual can simply exist making purchases and paying bills using nothing more than their checking account and debit card, it is important to maintain good credit for a number of different reasons. Even if they choose to never take out a loan for big-ticket items, such as purchasing a house or car, a low credit rating can have devastating effect of their overall financial status.

Improving a Bad Credit Rating

Having bad credit can be worse than having no credit at all. Insurance companies, routinely perform a credit check on their current policyholders, used as a tool for making the determination whether they are a higher risk of filing a claim with the insurance carrier, against their policy. A low credit rating number typically equates to a higher monthly premium, no matter how good a driver the customer may be.

Additionally, large companies seeking to hire employees often require a credit check to verify information about the perspective worker, and can view any serious transgression that maybe stated in the report. Paying higher premiums, or losing the prospect of a high-paying job can have a devastating effect over time, on any individual’s financial situation.

Finding the Perfect Card

So how does one go about fixing any problem they may have on their credit report? It takes more than simply filling out numerous credit card applications hoping one of them will provide the avenue needed to build better credit. In fact, continually submitting applications month after month can actually lower your rating. One of the determining factors credit report companies use to define a credit score is based on how many times the individual has applied for any type of loan or credit.

Doing just a little research, and finding a credit card company best suited for your individual credit rating challenges, is the best place to start. Seeking out available cards for individuals with bad credit or fair credit, credit cards can be easily obtained, practically overnight.

Making the Right Decision

Finding the right type of card, does require due diligence. While many companies offer cards, some of these businesses charge huge hidden fees and interest rates. Others require the card be secured with type of collateral or money, almost like a debit card, allowing the individual to only make purchases against the funds deposited into their account. It is not that say these practices are not useful in repairing an individual’s rating, however, the applicant should just be aware of exactly how much they will be charged every time it is used.

Still, for every company charging outrageous fees, there are many more providing quality options to the consumer. Using any type of card that that provides a monthly report to the credit-reporting agency can quickly raise an individual’s rating, so long as they make prompt and timely payments. Understanding the importance of maintaining a good credit score can offer a better quality of an individual's financial life.

Article Source : http://www.articleseen.com/Article_How to Obtain a Credit Card with a Bad or Fair Credit Rating_102062.aspx

Author Resource :
credit-land.com has a vast collection of direct links to brand name credit card companies for individuals with any type of credit rating. From Visa, shell gas card, American Express, credit-land.com can help anyone obtain the type of credit card they are seeking.

Keywords : credit cards, how to get a credit card, applying for a credit card, shell gas card, fair credit credit cards, credit cards fo,

Category : Finance : Finance

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