How is it Possible to Change Bad Credit Rating through Bad Credit Credit Card? [mortgage-assumption.blogspot.com]
creditcardsforbadcreditnotbadpeople.com (Part 1) This presentation will cover what I went through and how bad my credit was and what the best credit cards for bad credit that I found that approved me. View Credit cards for bad credit video part 1 here youtu.be View Credit cards for bad credit video part 2 here youtu.be Just a few short years ago I had great credit, I was running a real estate business and I had over 10 mortgages on my credit one of which was in my name. I had two auto loans for the two trucks that my wife and I drove. We had several credit cards with high limits; one of the credit cards was an Amex. This American express had no limit, you could run it up as high as you wanted each month but you had to pay it off the next month. My credit was so good that I could get a signature loan from that bank with no problem...all I had to do was sign my name and they would give me thousands of dollars. BUT then things took a drastic turn for the worse. My real estate business went down and in the process so did the rest of my personal finances. My houses were foreclosed on even the home that I lived in, my wife and kids and I had to move in with family. My two cars were repossessed and all of my credit cards became delinquent. My credit was totally ruined! I filed bankruptcy and when it was all figured out the bankruptcy discharge was well over a million dollars. Here is the good news... most people reading this do not have credit this bad. As you read on that I was ...
mortgage-assumption.blogspot.com Credit Cards For Bad Credit Part 1 The Best Unsecured, Secured Credit Cards online Instant Approval
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There are many people who migrate to the United Kingdom for education and work. Such people will have no credit history. Likewise, there are a few people who may have a bad credit history and hence may require a bad credit credit card to repair their credit ratings.
Normally, there are three kinds of credit cards for bad credit. Let us find out how these cards work for you.
Prepaid Credit Cards
These credit cards are quite similar to a normal debit card. If you want such a card you need to open a bank account and initial a deposit. The amount you deposit will be your card limit. In this case the bank is not offering you any credit since any purchases made by you comes from your deposit.
However, this is not a credit card that can help you rebuild your credit ratings since there is not credit given to you and hence it is not reported by banks to the credit agencies.
Secured Bad Credit Credit Cards
With this kind of bad credit credit cards, you will have to open a savings account and deposit some money in it.
The bank may hold this money as collateral and issue a credit card to you. Normally, the amount of money you have deposited in your account may be the limit set by the bank though some banks allow for a higher credit limit.In case of default of payment, money is deducted from your savings account and the interest and charges are more than your regular credit cards.
Such cards are ideal for rebuilding your credit as these cards have to be reported by the banks.Unsecured Bad Credit Credit Cards
An unsecured bad credit credit card is just like any other regular cards except that the credit limit is low and based on well you manage your credit, the limit may be enhanced. Though these kind of bad credit credit cards charge more interest and charges than normal credit cards, they are a very good option to repair your credit ratings since these cards have to be reported to the credit agencies.
Recommend How is it Possible to Change Bad Credit Rating through Bad Credit Credit Card? IssuesQuestion by : Is it bad for my credit rating to have credit cards and not use them? I have three credit cards but only use one, and pay it off in full every month. I am planning on making a big purchase at Best Buy and can save a lot of money if I open a credit card with the purchase. (I believe like 20% which would be almost $ 150). I would never use that card again. Is it bad for my credit rating to have credit cards that I never use? Best answer for Is it bad for my credit rating to have credit cards and not use them?:
Answer by disneymagic022002
You should never have more than three credit cards active at any one time, and they should all have activity on them, however, should not carry any balance. Instead of using your debit card or cash for lunch use your credit cards here and there. Just ensure you pay the bill in full when it comes in each month. If you wish to carry a balance then never carry more than 1/3 of the available credit limit, this can hurt your score, even if you pay it off quickly. As far as opening another account with Best Buy, I would suggest not too if you do not intend to use it again. Although the 20% is nice, but you have the reality of loosing a couple points from them just checking your credit score, then you can devalue your score more with having another revolving account. Instead, stop by your local post office and pick up a moving packet, the packet contains the form to fill out for forwarding mail, inside this packet is a coupon for 10% off any purchase at Best Buy. I would suggest just using one of your other Credit Cards and using the 10% coupon. Then as I mentioned, from time to time use each card for misc things from the store to lunch, dinner etc. Then just pay the bill off or pay more than the min payment due. This will help your credit score. If you wish in the future to purchase a house, car etc then the lender will be looking for your long term credit history and they want to see three active accounts and in good standing. I hope this help, and I wish you well, I hope you enjoy your new purchase!
Answer by MadMan
No, it is not bad for your credit to have cards that you never use.
Answer by weebler76
No it is not bad, it is actually good. Your credit rating takes into account your "available" credit and how much credit you've actually used. Having more available credit shows lenders that you don't "need" credit and are responsible therefore it is less of a risk to lend to you.
