Bad Credit, Credit Cards: Will I be accepted?
No one can ever predict who is going to suffer at the hands of bad credit and when it will happen.
In most cases if you are looking to apply for a credit card then this will greatly diminish your chances of being accepted because once bad credit does exist, you are potentially seen as “high risk” In such cases, you may need to consider bad credit, credit cards instead.
There is a chance that you could also be turned down for a bad credit, credit card but the chances are equally as good that you will be accepted.
Is this guaranteed?
As you will most likely know, nothing comes with definite guarantees so whilst you will not be accepted if you apply for a typical credit card, you are more likely to be able to apply for and be approved for a bad credit, credit card.
All circumstances will be taken into consideration and you need to prepare yourself for the fact that if your credit rating is really poor then you may not even be able to obtain a bad credit, credit card.
No lenders can fully guarantee that you will be acceptable for any form of credit rating or APR rate which is available so if you definitely need a bad credit, credit card then it simply going to be a case of trial and error to see if your application would prove to be successful.
What rate could I get?
As with the above, it all depends on your individual circumstances as to what rate you will obtain based on your personal circumstances. No two people are the same and as a result your bad credit, credit cards could have a more competitive rate than some yet is a lot higher than what others in your situation has.
There is no favouritism involved, it is purely based on initiating circumstances and whether or not a lender believes you will keep up all the monthly repayments.
The rates for bad credit, credit cards could vary greatly and if it is too high then don’t agree to the terms and argue it later because you have to adhere to the terms once you have “signed on the dotted line” and this could not only become a nuisance but also a very expensive mistake indeed.
Overall, the rates can range from anything between 19.9% (usually for individuals with an excellent credit history) to around 39.9% but this rate will only be for people who have a really poor credit rating with CCJ’s (County Court Judgements) being evident.
Until your application has been submitted, bad credit, credit cards will be subjected to what could be considered poor rates yet reasonable bearing in mind your personal circumstances.
No lender could estimate what your bad credit, credit cards rate could be until your application has been processed and even if you are unhappy with the rate offered then you don’t need to accept this.