Resources
Do You Need an Adverse Credit Loan?
By John Reimann
Once your credit starts to slide, you will feel it! IT seems like not such a big deal when it first starts to happen – you can still buy your groceries, you can probably still pay your rent. But just Read more...
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Resources
Avoid the Pitfalls of Balance Transfer Credit Cards
By Morgan Hamilton
Balance transfer credit cards can be quite a temptation for a lot of people. People can now transfer the entire balance from other credit cards to balance transfer credit cards. These credit cards Read more...
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Resources
Putting Business Credit Cards To Work For You
By Morgan Hamilton
A small business owner should look into business credit cards. Business credit cards allow a business owner to keep personal and business expenses separate, making record keeping easier in the end. Read more...
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an accounting entry acknowledging income or capital items
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Build or Rebuild your credit rating with credit
By Tim Day
For someone that has never had before or has had difficulties in the past, obtaining anew could prove tricky. So the thought of being able to build or rebuild their rating with further could seem like a bit of a catch 22 situation.
One of the most important factors that lenders look for when considering an individuals application for is their ability to manage responsibly. In the case of a loan this would simply mean making the required repayments on time. With a card this means using the card and once again making the required repayments on time in accordance with the terms of the agreement.
By conducting a search this information is readily available to a prospective lender and is used when making a decision to lend or issue credit.
Quite clearly some form of is required in order to be able to manage it responsibly and as aforementioned never having had or having had problems in the past could make this difficult.
All is not lost. There are lenders and card companies that will still consider an individual even if there is either no history of previous or an adverse history.
There are in fact a choice of cards available designed specifically for helping people rebuild their rating. In the UK there is a choice between the Capital One Classic Visa, the Barclaycard Initial, two offerings from Vanquis Bank and the Aqua Credit Card from SAV Credit.
As the name suggest, the Barclaycard Initial is also ideal for people who are just starting out with for the first time.
One potential downside to the availability of cards for rebuilding is the higher interest rates charged. The reason for this is simple. The card companies either have no way of knowing if you are going to manage your responsibly or if you may develop
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further problems and so charge a higher rate of interest as an incentive for you to repay the money and not leave a high balance outstanding.
What’s more is like most cards, these offer an interest free period on purchases so if you pay your balance off in full every month you will not have to pay any interest charges at all.
Through continued responsible spending and repaying you can quickly start to rebuild your or demonstrate to lenders your willingness to adhere to their terms and conditions.
But beware people with good ratings are often bombarded with further offers of and find themselves biting off more than they can chew so the key to maintaining a good rating is to always try to stay well within in your means and be responsible with your borrowing.
Written by Tim Day for creditmarket.co.uk a UK personal finance directory including information and resources relating to credit reports and bad credit credit cards. Credit Rating Article Submission service has been provided by Rcplinks.com team.
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