Why guaranteed approval credit cards are becoming more popular
As soon as you get into a situation where your credit is no longer recognized as being acceptable, you start to find it can certainly put your life on hold. You want some way to have the ability to begin rebuilding your credit, and you're wondering how. One method is to obtain a guaranteed approval credit cards though there are more ways than one. This is how it can help you to get a better credit score. When searching for your guaranteed approval unsecured credit cards, you want to be aware that they're not the same as regular credit cards. They work the same way, but they can only be used to buy merchandise from the company that issued it. That’s why they are also called catalog credit cards because you can only buy merchandise from their catalog or website. These cards are so popular because • • •
They give large unsecured lines of credit They don’t credit check so they are guaranteed approval Some will report to at least 1 credit reporting agency so they can also rebuild your credit
Many of these cards charge no fees to get the card while some unsecured bad credit cards have not only a set up fee but they have annual fees and high interest rates. Versus a guaranteed approval unsecured credit card that in many cases doesn’t even charge an interest rate! Not all of these cards are the same. Sites like BadCreditResources.com list the best of these cards on their website with reviews. So using sites like these to help you find the right card for you will help keep you away from the “bad” guaranteed approval credit cards on the market. One very important thing that you need to learn before you apply for your credit card is if they report to the credit reporting agencies. This is essential, because if they don't, then it can't help you whatsoever. Regular reporting means you could increase your credit score so long as you make your payments on time - every time. Always remember that these are great credit cards to start rebuilding your credit score. BUT you can also go into debt very easily if you don’t practice good money management. Just because they give you a credit limit of $1000.00 doesn’t mean you should charge a $1000 worth of merchandise! Only buy things you need, and can pay back quickly. These cards have great merchandise but its usually more expensive than what you can buy it for from a local store. So just remember. These cards are meant to help your rebuild your credit only!