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Cash Back Business Credit Cards
By Jeremy Biberdorf
A typical small business needs to watch every penny. To last in the competitive business world, you need to maximize profits and just as importantly, reduce expenses. Many businesses don’t realize Read more...
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How to Find Bad Credit Credit Cards
By Morgan Hamilton
For a person struggling with their credit, it may seem like there are no decent bad credit credit cards. There are bad credit credit cards, but they are not always advertised as such. Many times a Read more...
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Resources
Opening a Merchant Credit Card Account
By Jack Chevalier
There are a number of financial institutions that are providing a merchant credit card account to its customers. It is not necessary to have an account in a bank to have a merchant credit card Read more...
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accredit: give credit for; "She was not properly credited in the program"
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#Welcome to
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Banking With Bad Credit
By Peter Kenny
If you have bad credit, then banking and using financial products can be hard. However, there are ways that you can bank with bad and still get the features that you want. Also, if you have good there are some actions you can take that will easily ruin your score and reduce your ability to get the deals that you want. Here is some advice on banking with bad credit, and how to make sure your rating isn't affected by your banking decisions
Disputing your report
One way to ruin your rating is to dispute all of the items on your report. Although disputing items that you know to be wrong is a good idea, some people try and dispute all items because unless the agency responds within 30 days they have to remove it. The problem with this is that if all the items on your report are removed, a bank or lender doesn't know if you are a good or bad borrower. They will not take the risk and so you will be left unable to get the financial products that you want. To avoid this, only dispute items on your report that you know to be inaccurate or false.
Not paying bills on time
Another way to hurt your rating is to pay your bills or bank fees late. If you do this then your report will show that you are unreliable, and the interest rates and fees that you are charged are likely to increase. Although it isn't always possible, try and pay your bills on time. Using an online bill paying system can help you to keep track of when you need to pay.
Bad affects your banking
If you have bad credit, then it will affect all aspects of your banking. Your bank is likely to be much tougher on you if they know that you are unreliable or have bad credit. You will be charged higher rates, and you will have limited access to features. Having bad will reduce the chances that you can get a competitive card and loan from your bank. Although you can still use a bank, having bad will harm your ability to use your bank to the fullest.
Improving your credit
There is no easy way to improve your credit, and the best
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thing to do is to simply pay your bills on time and then when you have the opportunity to borrow, do so cautiously and make sure you borrow only enough to show the bank you can be relied upon to pay the money back. If you are with a bank a long time and show them you are reliable, then you are more likely to get a better deal.
Switching banks
If your problems are behind you but you still think that your current bank is giving you a poor deal, then maybe it is time to switch banks. If your current bank won't reward you for your loyalty, then a new bank might reward you for switching over to them. Even people with bad are welcomed by banks as new customers, and so it pays to regularly shop around for the best deals. Although banking with bad can be tricky, if you stay financially stable and are willing to look around for a good deal then you will get the level of service that you require.
Peter Kenny is a writer for The Thrifty Scot.
Please visit us at Current Accounts and Unfair Bank Charges
Visit www.thriftyscot.co.uk
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