May be Adverse Credit Cards could Improve your Credit Rating

Posted in Loans for Bad Credit

Adverse Credit Cards

is a search term used by borrowers on the internet to source credit cards that they maybe approved for with a bad credit rating.

Firstly it is important to figure out why you have a low credit score, this could be due to no status history, or mismanagement of debts in the past which led to debt problems, which had an impact on your credit score.

This will take a lot of control and dedication but it can be done.

One of the easiest ways is to apply for adverse credit card. These are credit cards specifically designed for those with an adverse status rating. There are a number of adverse credit cards available, all with relatively high interest rates and low credit limits, however if used correctly you can ensure that you are not too affected by these interest rates.

To start with, sign up to credit reference agency CheckMyFile,

This will give you access to your credit rating and score, they also match you will credit cards that are available based on your status rating and score. As mentioned above the poorer your credit score the higher the interest rate on the card and the lower the credit limit.
In order to use your card effectively and purely for the purpose of improving your credit rating an idea is to use the card for petrol purchases or your monthly food shop, something that you are used to paying and can comfortably afford to clear each month.

For example, if you fill your car up every week, spending £50 each time

Instead of paying this with your debit card, simply pay it with your credit card and set up a direct debit from your bank account to clear the balance on time each month.  Once you have done this for a few months you will see an improvement in your credit rating (detailed on your credit file), which will open the door to cheaper financial options for you in the future.

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