February 04, 2008
Continental Finance Best for Bad Credit
The most frequently asked question we have been receiving from our visitors lately has been:
What is the best credit card for people with bad or no credit?
Now, asking what is the best card for bad or no credit is quite a subjective question because everybody has their own unique financial background and spending habits.
First of all, the catch all answer to the question is:
The Continental Finance credit card is a really great card for the majority of those with bad or no credit because it’s an unsecured credit card and that means that it works just like a regular credit card. You get an unsecured line of credit and your activity using the card gets reported to the credit bureaus which means it will help you build or restores your credit history.
Having access to the Continental Finance card gives you the freedom that a regular credit card does by not requiring a security deposit. Most cards for those with bad credit require you to make a security deposit matching the amount of available credit you have. That means you are tying your money in a security deposit account and you do not have access to the money in the security account.
Another point that makes us say the Continental Finance credit card is best for people with bad credit because the interest rates are much lower than their competitors thus saving you money.
Because Continental Finance provides you with the opportunity to have an unsecured MasterCard and the interest rate is lower than other credit cards for people with bad or no credit is why we say this is the best card for you.
Here is more information about the Continental Finance credit card so you can see just how low the rates are on this offer. We suggest you apply today in case this offer is pulled from the market.
January 11, 2008
Sub-Prime Consumers have Hope
With the sub-prime mortgage crisis being at the forefront of the minds of millions of Americans, those with bad credit may feel there is no hope in acquiring a mortgage. It’s true that mortgage lenders are now shying away from lending to those with bad credit.
While there are people with bad credit that earn a decent living and could afford a home, they are being rejected from lenders based on their credit history and not their current income level.
If you are one of those people that earns a good wage and can afford a house but your past credit mistakes are causing you grief, you are going to need to do something to start building your credit.
The best way to build your credit is to not apply for any more loans, pay your bills and I found a prepaid credit card that offers a credit builder option.
We live in a plastic society where credit cards have become a necessity in everyday life. Since it seems it’s impossible to live day-to-day without a credit card the best thing you can do is get a prepaid credit card to get you through your day without digging yourself further into debt.
Crediteria.com has just updated the best credit cards by category, you can see the offers on the home page. Notice that we have mentioned the Eufora™ MasterCard® Card as the best card to establish credit. The Eurfora MasterCard is also an excellent tool to rebuild your credit with their unique offer, the Credit Builder feature gives you the chance to pay a small monthly fee that gets reported to the major credit bureaus thus helping to repair your credit score
If you want to get approved for a mortgage loan then start rebuilding (or building) your credit today with the Eufora MasterCard Credit Builder Program.
December 17, 2007
Credit Card for Bad Credit from Orchard Bank
Believe it or not, people with poor credit can apply and qualify for a credit card for bad credit. Even with the sub-prime crisis that is currently going on. While several lenders have discontinued their bad credit offers there are still some that will approve you for a credit card even with bad or no credit.
There are millions of people that have bad credit because of job loss that are now back on their feet with a good job and the ability to pay their credit card bills. The banks are not going to completely miss out on this opportunity as they know there are many good people that deserve to have a credit card to help repair their bad credit score.
We will be updating our list of credit cards for people with bad credit as we thoroughly review each and every offer available.
Our findings as to which is the best credit card for people with bad credit have been the Orchard Platinum Card is the best card on the market right now for those with a poor credit rating.
Orchard Bank Platinum Card Offer
Get more information about the Orchard Platinum Card Now
When evaluating credit card offers for people with bad credit we take several factors into account.
The first factor is if the card reports to the credit bureaus, this is critical because you should have the goal of repairing your credit in mind when apply for a card when you have bad credit so that you can take advantage of the perks and benefits that come with having good credit. The Orchard Platinum card reports to the 3 major credit bureaus so it merits further review by us.
The next factor we look at are the fees attached to the card offer. Typically credit cards for people with bad credit tend to have very high fees attached to the offer. Banks that lend to people with poor credit must charge higher annual fees and interest rates to protect themselves from delinquent accounts. Yes, when you have bad credit you must pay a lot to get credit cards and loans. It might not seem fair because with poor credit, typically people don’t have the extra money to pay these higher fees and that is why a credit card (with a relatively low limit) is the best place to start repairing your credit. It’s about cheapest way to restore your credit.
The Orchard Platinum Card is designed for those with poor credit and what we like about the offer from Orchard is the incredibly low fees when compared with their competitors.
The review team at Crediteria.com unanimously agrees that the Orchard Platinum is the best card to help you repair your credit rating while paying the lowest fees possible.
Posted by Colin at 12:12 PM | Permalink | Comments (0) | TrackBacks (0)September 06, 2007
Sub-Prime Credit Cards Still Issued
With the sub-prime mortgage crisis in full swing, banks are truly on the attack to get every last nickel from those in immense emotional anguish.
According to Mintel International Group, a consumer research firm, direct mail card offers are being aggressively sent to sub-prime consumers. A spike of 41% in fact in direct mailings to get the sub-prime market signed on for credit card offers.
While this might not make sense to most people when there is a major mortgage crisis with sub-prime mortgage holders I am going to explain what’s happening.
If somebody with less than perfect credit where to apply for a mortgage they would almost certainly be rejected because banks are not inclined to lend to this market because of the high risk and falling housing prices. In June of this year one in five sub-prime mortgages were 60 in arrears and 1 in were in foreclosure.
It is frightening statistics such as mentioned above that create a fear within the banks of lending to those with a poor credit history.
However, banks are still very interested in making money from the sub-prime market so they are extending credit card offers to those who are desperate for credit. It’s the only form of credit being issued right now to people with poor credit.
It’s sad to see that the banks are not working to individually resolve some of the mortgage woes and that they are aggressively hammering out credit card offers but I guess that’s just the way business works!
A word of advice to you if you are one of those people with bad credit, if you looking to apply for credit cards please use your card with the greatest respect. A credit card is a fantastic tool for repairing your credit score however you must use common sense when making purchases and learn from those who are suffering in a state of bankruptcy right now.
Use your credit card to restore your credit because if it’s not used with wisdom your credit will erode even further.
Remember the best credit card deals are had by those with excellent credit and I challenge you to get yourself to that wonderful place!
July 06, 2007
Credit Repair for Dummies
I have been talking a lot about the cost of having bad credit. Bad credit puts you in a terrible place because lenders perceive the money they lend to you as high risk debt and therefore the banks must reduce the risk by charging higher fees and interest rates to ensure they remain profitable.
Increasing fees for people with bad credit eliminates the risk of charged off debt. Charged off debt is money that is owed to the bank that they never receive due to inability of the consumer to pay.
Because of the astronomical fees I have been strongly recommending the Imagine Gold MasterCard because of the lower fees. The fees are lower with the Imagine Credit Card because the line of credit is lower so there’s less risk to the bank.
The Imagine card is the perfect card in my opinion for restoring your credit score.
I believe that when you have bad credit it is usually due to lack of financial education.
Today while researching some credit card offers I came across a really cool credit repair and educational package. It’s Credit Repair for Dummies.
Even if your credit is good, you should always be working on increasing your financial intelligence. The Credit Repair for Dummies package is an exceptional educational resource that can help you save money, dig yourself out of debt and repair your credit score.
The package always includes some incredible bonuses such as 101 Ways to Stop the Money Leak plus lots more about saving money. When you save money you can pay off debt.
Hint – Paying off debt will improve your credit score.
Get your credit on track, Get Credit Repair for Dummies and change your financial picture today!
June 28, 2007
Skyrocket Your Credit and Prosper
To skyrocket the cash in your pocket you must start on the road to restoring your credit score to save on the fees and incredibly high interest charges that go along side of poor credit.
On a daily basis I see several sad stories of folks that got in a little over their heads with bills, loans and credit cards. Rebuilding credit may seem to be impossible, but it is actually quite easy.
The key to establishing good credit is to learn how to manage your lines of credit and make sure you pay your bills in a timely fashion.
The best way to learn how effectively manage your credit is to start off with a small line of credit. This is why I love the Imagine Credit Card, this is a MasterCard that you can get a very small line of credit that will ensure you can not get into serious financial trouble with. The annual fees are low, saving you the high cost of having bad credit.
Remember that the cost of credit is incredibly high to those with poor credit. Use a credit card with a very low limit to restore your credit such as the Imagine Gold MasterCard and you will soon enjoy the incredible cost savings of having good credit.
June 18, 2007
Got Bad Credit - Wanna Credit Card?
When you have bad credit there are several sharks out there that are preying on the emotions related to your situation.
There are lenders out there that know it is an emotional and confusing time for people when they have bad credit. They know you are willing to do anything to restore your credit so they put together a marketing plan to hammer away at your emotions. They know your triggers. They know what will suck a few bucks out of your already hurting wallet.
I am frequently asked this:
"What's the best credit card for people with bad credit?"
My answer is The Imagine Gold MasterCard Credit Card. Why do I like the Imagine credit card?
The answer is simple:
1. The Imagine card offers a low line of credit which will help you avoid sinking too much further into debt
2. The annual fee is lower than most credit cards that are designed for people in your situation.
3. Imagine reports to the credit bureaus. When you pay your credit card regularly this will be reported to the bureaus. Remember it's imperative to pay your bills and pay them on time to re-establish (or establish) good credit
There you have it. You are in control of restoring your credit so consider applying for the Imagine credit card, read my review of the card here
June 12, 2007
Bad Credit and James Story
It is my personal mission to help folks with their finances, in fact that is exactly why Crediteria exists. The goal of this site is to help average people and small business owners avoid the pain of debt.
Debt leads to:
1. Bad credit
2. The erosion of personal relationships
3. Misery beyond belief
The above points were what I extrapolated from my conversation with James. He was in ruin because of some poor choice he made early on in his life.
A few bad decisions made James self-aware of where he went wrong. He realized his bad credit decisions and now wants to rebuild his financial life.
When James contacted me, I offered him the same advice I provide to everybody. My advice is this simple:
Credit repair begins with proving to lenders that you are credit worthy.
How do you prove this?
Easy! Get another line of credit and pay it according to the terms and conditions.
The best credit card for re-establishing credit is the Imagine Credit Card mainly because of the low fees and low limits provided by the card.
Having a low limit will keep you from further financial ruin if your spending habits aren't that good yet and it will rebuild your credit when you pay your bills on time.
Remember that in order to rebuild your credit with a credit card (or any other loan) you must pay your bills on time! Failure to pay your bills on time will result in your credit score taking a serious nose dive!
Again, I really like the Imagine credit card because it provides you with a second chance to restore your credit without getting you too far into debt all the while not gouging you on fees.
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.
Posted by Colin at 01:04 AM | Permalink | Comments (0) | TrackBacks (0)July 13, 2006
Secured Vs Unsecured Debt
There is secured debt and unsecured debt. Secured debt is debt covered by collateral. It includes mortgages and car loans—big ticket items that can be repossessed if we fail to make payments.
Unsecured debt is credit card debt, money borrowed from Mom and Dad, and unpaid bills. Unsecured debt is basically any money borrowed in cash or on credit without collateral.
The high price of homes and cars makes it impossible for most of us to pay for them with cash. We make the distinction between unsecured debt and secured debt. Secured debt is, for most of us, unavoidable. We accept secured debt as a living expense (while always living within our means). Since most of us choose to make paying secured debt a priority, it can be the basis of a good credit record.
Today I will accept that secured debt is a part of life.
Posted by Colin at 09:52 PM | Permalink | Comments (0) | TrackBacks (0)May 19, 2006
Poor Credit History Applications
As I mentioned in my last post, I am taking all the notes I have made on credit applications. I started by posting credit card offers for students and now moving onto writing the reviews of credit card offers for those with poor credit.
My goal is to create a financially free world, a world of people who are happier because they are not over-burdened by debt. I posted the student applications first as I want to provide a good start to those who are just starting out in the world of finance - Get students informed to be pro-active with new card holders and help teach them good credit spending habits.
Now, I move on to those who have "been there, done that" and have done something to create poor credit for themselves. It is a fact of life today that you do need a credit card however the most overlooked element of credit cards is the right way to use them and pay them off.
While I am going to be updating Crediteria with bad credit applications, remember a credit card is to be respected. The cards that will be loaded onto the site will help you restore your credit rating but please use your card with care. Use it only to make purchases you normally would and then even before you receive the bill, pay it right away. Whatever you just purchased, go send a check to the credit card company for the amount you spent on groceries, gas, or whatever other necessary purchase you have made. If you are going out for a night on the town, leave your card at home. Get yourself on track!
Posted by Colin at 02:10 PM | Permalink | Comments (0) | TrackBacks (0)April 21, 2006
Getting a Loan With Bad Credit
Here is a question I recently received regarding getting a loan for $15000 with less than perfect credit. I have left the persons name out of this post to protect identity.
Question:
Do you know of anyone that will give me a $15,000 loan. My credit is not so good. I've been applying everywhere. They all say I will get approved and when I go ahead with the application, I am always turned dow. Can you help?
My Response:
Can you let me know where you have applied then I will go find others for you.
In the meantime, avoid applying for other loans. One problem that creeps up is applying multiple times and being turned down.
Creditors have a “heard mentality” – “Oh, they turned her down so we should too” – It isn’t fair but that’s the way many of the banks think.
Applicant's Response:
I have applied for at least 10-15 loans. Ive been turned down for all of them. I dont think anyone will help me at this point. I even paid one company $99 to find me a "guaranteed" loan.
My Response:
have gone “outside the box” on getting loans myself.
I used to work as a computer support tech and then left to start a business online – I wanted a mortgage but with a new business the bank was very hesitant to give me the loan.
What I did was focused on establishing a relationship with my bank. It took some time and lots of talking but I got the loan.
I am surprised that a site would charge you to find a loan. They appear to be in the same business as me. Building websites and getting paid a commission for referrals. Seems they are “double dipping” – Avoid paying for somebody to find you a loan
I am in the process of putting training material together to help people make money online.
In the meantime, stop applying for loans. It might take about 3-4 months to get a loan after applying for 10-15 companies. Each application shows up on your credit report and each subsequent company says “hmmm…everybody else turned her down, we should too”.
I would also contact the company that you paid to find a loan and demand your money back and if they don’t consider filing a complaint with the Federal Trade Commission www.ftc.gov
I think this is the right form to fill out (I could be wrong on this but it is a good starting point):
https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01
Hope this helps a bit and I will take a look around for you - and won’t charge you a penny ;)
The Moral of This Story:
If you have bad credit avoid excess loan applications - Each rejected loan results in your chances of getting a loan decreased.
When you have bad credit you need to take some extra time to assess your chances of getting a loan with them. E-mail the company prior to making your application. Fully and honestly explain your situation - Tell them that you don't want to apply until you are quite certain that you will get the loan.
If they pressure you to apply, refuse to do so. They are eager to get your application rolling but if you don't quality, as already mentioned, it will harm your chances of getting a loan elsewhere.
Be strong, because the lendor will pressure you to make the application. Taking your time will lead to better chances of acquiring the loan.
Posted by Colin at 08:46 PM | Permalink | Comments (0) | TrackBacks (0)