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Sub Prime Credit Card
December 29th, 2008 by Matt DouglasThese credit cards have been designed to give you a second chance with your credit. It is for those with a low or damaged credit score.
They can be used to improve a low credit score. This is because it can create a positive payment history and improve your ratio of available credit to debt.
Your payment history and available credit to debt are both very important to your credit score. By improving these you can improve your score even with bad credit items on your report.
There is monthly credit reporting with these cards. You should expect an APR of 19% and you will have some fees for these cards. This is the cost of a low score, however used correctly and this can be the last time you have a cost due to your score.
Your credit limit will be approximately $300 and you will be eligible for periodic credit limit increases. However some cards like the Tribute Gold MasterCard do offer a card with a limit of $70 for those with very bad credit.
These cards will help to improve your score more than a secured card. This is because secured cards are reported as a secured account to the bureaus and this will be weighted less than an unsecured account.
It is still important to remove negative marks from your credit history. However it has been learned that after a negative mark ages for four years it has much less impact on your score.
For you to get the most out of your card you should strive to keep the monthly balance at 25% of your credit limit. This is because it shows the bureaus that you are using your card responsibly and that you do in fact use your card.
These cards were designed for those with; collections, judgments, repossessions, bankruptcies, and charge offs on their credit report. Every card does have different approval requirements but will give you an instant decision when you apply.
In sum if you have made mistakes in the past with your credit and want a second chance we suggest a sub prime card. It can improve your ratio of available credit to debt and build a positive payment history.
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