Those with bad credit history will find it difficult to apply for a credit card, especially if the company does extensive credit check on your account and transactions every so often. So what you do if you were placed in this scenario? What if you wanted to buy that new laptop that you so raved about for months on credit but don’t have enough money to acquire it in one fell swoop? Most lenders would not think twice about kicking people with an undesirable credit score out their front doors, so what steps should be taken to ensure you get what you want at little to no risk?
A lot of companies out there have already started offering no credit check credit cards, and application is relatively simple. You just have fill up an application form, whether online or face-to-face, put in the designated required information, and there you have it. You can probably even do it with your eyes closed -that’s how simple and quick the processing time is these days.
Companies -such as MasterCard and Visa -offer a lot of their cards to people constantly struggling with their credit issues. They even offer gold-level credit cards, which is pretty good for anyone who wants to get back on their feet as soon as possible. This seems too good to be true, and drawbacks seem to be but a dream. But alas, reality bites, and there are a number of disadvantages to consider before signing up for that shiny new card.
For one thing, the interest rates on this breed of credit cards are usually enough to send you jumping through the roof. The APR averages out at 20 per cent. So before buying anything that will probably end up gathering dust in a dark garage or attic, make sure that it is worth it. You don’t want to have an even worse credit score than the one you started with before the card came along.
Those with excellent credit may have better chances at acquiring better cards, but keep in mind that cards in this category have an expensive annual fee, which ranges from $40-$400. But no credit check credit cards cost only a fraction of the price, and a mean one at that. Of course, this means that the borrower would have to forego the special offers by excellent credit credit cards, but they mean little compared to the urgent need to get back in place.
So buying that laptop, car, or furniture is not as far-off a possibility as it may seem, and no credit check credit cards can help you even out your credit score and give you a fighting chance to survive. Big credit card companies such as MasterCard and Visa offer a lot of these at variable price ranges on different terms, but there are drawbacks to these. One, the interest rates oftentimes seem ridiculously high enough to send you flying through the roof, and compared to credit cards for those with no bad credit history, there are no benefits and bonuses. The plus side is that the annual fee is comparably smaller than the rest, and if you move fast enough, your bills will be as good as paid.