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Credit Cards for People with Bad Credit

Trying to find the right credit card to suit your budget and your needs can sometimes seem like a daunting task, but it becomes even more difficult when you have bad credit or what is known as an adverse credit rating. There are many ways in which someone can end up with a poor credit rating, including arrears in mortgage payments or missed loan payments, bankruptcy, county court judgments (CCJs) and individual voluntary agreements (IVAs).  

Credit records are kept by consumer credit information companies such as Equifax and Experian. The records keep track of any CCJs for possible non-payment of services and goods, missed credit card payments and possible prior bankruptcy declarations. CCJs and bankruptcy declarations remain on file for six years while late payments remain on file for three years. When applying for a credit card, the card company you apply with usually checks these records.  

Many lenders will consider extending credit limits of people with a bad credit history, although this often comes with higher interest rates that could prove detrimental in the long run if not wisely managed. It is entirely possible to rebuild a good credit reputation by making monthly payments on time. By doing this you can ensure that you’ll improve your credit rating so that you can become eligible for a card with a much lower interest rate in the future. 

The following is a list of credit cards available to people with a poor credit rating: 

  • Barclay Card: 
    This is a Visa card issued by Barclaycard. It has a 27.9% annual payment rate (APR) with a 56 day interest free period. Barclay Card has no annual fee. Applicants are not eligible for this card if they have any CCJs against them or have been declared bankrupt or insolvent.  
  • Halifax Standard: 
    This is a MasterCard issued by the Bank of Scotland. It has a 27.9% annual payment rate (APR) with a 59 day interest free period. Halifax Standard has no annual fee. Applicants are required to have a regular income and a permanent UK address.  
  • Aqua: 
    This is a MasterCard issued by HBOS. It has a 33.9% annual payment rate (APR) with a 51 day interest free period. Aqua has no annual fee. Applicants are required to have a permanent UK address and have no CCJs against them or have been declared bankrupt or insolvent.  
  • Capital One Classic: 
    This is a Visa card issued by Capital One Bank. It has a 34.9% annual payment rate (APR) with a 56 day interest free period. Capital One Classic has no annual fee. Applicants are not eligible if they already have a Capital One card; if they’ve applied for one in the last six months, the application may be declined.  
  • The Vanquis Visa Card: 
    This is a Visa card issued by Vanquis Bank. It has a 39.9% annual payment rate (APR) with a 56 day interest free period. Vanquis Visa Card has no annual fee. Applicants are required to be legal UK citizens and have no legal restrictions that prevent them from acquiring credit.

Credit card fraud runs into billions each year with merchants and banks losing money and consumers are put to huge inconvenience as they have to replace cards. All round it is a lose-lose situation for honest businesses and legal credit card holders, hence why vigilance is crucial.

Credit in Minutes Tip #1

Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets reported.

Credit in Minutes Tip #2

Just because you qualify for all of those credit cards does not mean you should get them. A person with too many credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?

Credit in Minutes Tip #3

The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time will keep your score up where it should be.

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