A Bad Credit Card Can Boost Your Credit Score

boost credit scoreHave bad credit and want to improve your credit score? Apply for a bad credit card. Even if you have very bad credit, there are many lenders who have bad credit card products, available for clients with low credit scores. The problem isn’t finding a credit card product, but to make sure that you don’t get taken to the cleaners on high interest rates, annual fees, signup fees and more. If you know how to compare credit card offers, you can find a bad credit card to help you get back on track.

Some lenders send out costly offers expecting that you’ll jump at the first card you are offered. These lenders add outrageous fees, which can total over $200, just to open an account. Some of the typical fees they charge are high annual fees, a one-time application fee, monthly fees if you are late or over limit, and of course an interest rate way over market rates, from 10% and up. The interest rate will get jacked up another 10-15% if you do go over your credit limit or are late with a payment. Not all lenders charge high fees and costs, so don’t just take the first offer you get in the mail. Before applying for a card, do a search for bad credit cards online, and look for cards from larger, nationally-known lenders.

Even with bad credit, you can find a reasonable deal on credit cards. Most card companies will look at your credit rating of course, but that’s not the only factor when you have bad credit. A lender will also check your income. Your income will override your credit score in some cases if you have steady income, meaning a regular W2 job for at least 3 months at the same employer, and your income is sufficient to pay your debt. Usually, a credit card lender will start you off with a small credit limit, about $300, to see how you handle the payments.

Of course, with bad credit you will pay higher than the market interest rates, but you shouldn’t accept a card that has an application fee or other one-time charges just to apply for and be approved for the card. Keep shopping until you find a card company that offers you a chance to rebuild your credit, and doesn’t start you off with a lot of debt right at the outset.

Once you receive your card, be sure to make the payments on time! That’s the reason you want to apply for a bad credit card in the first place, to repair your credit. By making your payment on time with this card, your credit score will start to improve.

Quick Cash

Quick CashWhile quick cash loans are widely available online and funding is getting faster and faster, can they really be funded in just a matter of minutes? It’s hard to believe, even when companies have been advertising same day funding for quite awhile. There is a difference between same day funding and funding in a matter of minutes, and I have yet to see either happen.

I’ve applied with both types of companies before, and I was denied for the one that said they could fund a loan in 15 minutes. For the ones that offer same day approval and funding, I was approved and instead received my funds the next day. Plus, you have to take into account weekends, business hours and more when you are considering how fast you get your funding.

Now let me add more information to the mix. I just searched for quick cash loans instant funding. When I did this, I was presented with many companies that are geared to get your funds faster. I clicked on one that had the headline ‘money in minutes.’

The site looked great, and they were definitely operating on a more modern platform. The problem was in the fine print, it said that most institutions post funds the following business day. So that means that they are trying to put a play on words. They might send the money in a matter of minutes once you’re approved, but you not only don’t get access to the money in minutes, you don’t even get it the same day!

I’m wondering if there are really any lenders out there that offer these quick loans by giving you the money that same day. It seems like it would require a different type of funding process that just hasn’t been provided yet.