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June 11, 2007
Bad Credit is Costing You Big Time
Having bad credit is costing you much more than you need to be spending. Restoring your credit rating is crucial for your financial well-being.
It's a slippery slope, the worse your credit, the more you pay for credit cards, utility bills and every other monthly expense you can think of.
Why is this the case?
Because you have bad credit, you pose a risk to the lender or service provider therefore to mitigate the risk the cost of people defaulting on loans, credit card and bill payments is spread out across everyone in the same situation. The lenders and service providers will not be paid by many people with bad credit. In order to cover the risk you are paying a heafty sum.
When you have bad credit, you will pay higher interest rates, service fees, annual fees and several other fees.
These fees chew up a lot of your cash flow and it is important that you start taking steps today to repair your credit.
The best way to show banks, service providers and credit card companies that you are not a risk and will pay them is to get your credit in good standing.
How can you restore your credit rating?
Start with a credit card with a very low line of credit so that you will not get yourself in a financial mess. Consider applying for a credit card such as the Imagine credit card from the first bank of Delaware. The Imagine Gold Card is the perfect card to dig yourself out of bad credit status and get onto a life of saving money in fees with good credit.
The Imagine credit card offers some low credit lines that report to the bureaus with very low annual fees which will save you some money while you restore your credit rating.
I like the Imagine Gold credit card for restoring your credit because of the low credit limit which will prevent you from screwing yourself by racking up even more debt without the ability to pay the balance.
What I recommend is that people with bad credit get the $75 credit limit option because 75 bucks is not going to ruin you for a lifetime if you run the card to the limit and with the 75 dollar credit limit option you only pay an annual fee of about 15 bucks. That's as cheap as you will find for an annual fee on a credit card for people with bad credit.
Use the Imagine card to restore your credit and use it to re-establish some good spending habits and then enjoy the cost savings of those with better credit.
Good credit will save you a fortune so start reparing your credit today.
If you are serious about repairing your credit then apply to for the Imagine Gold MasterCard. Your credit bureau report will thank you for it.
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