Re-surface and Thrive with Adverse Credit Cards
If recent years have proven to be a huge challenge for you and you have racked up bad credit history or a county court judgement, it looks close to impossible to exit the vicious circle that your difficult financial situation has become over its swampy nature.
However, any swamp can be run dry with the right partners. Some credit card providers can be among them, being in the group of companies with special offerings for people like you. How do they differ from standard credit cards?
By repayment option plan
Some credit card providers can turn a blind eye to your mishaps in life such as unemployment, illness or unanticipated extra spending, provided that you employ reasonable effort to recover. For financial situation like this, they have created the repayment option plan which allows you to freeze your payments for a period of up to 24 months and pay interest as low as 1.3%.
By credit limit
It is natural that adverse credit card providers assume the cautious approach toward you, at least in the beginning. Generally, you will have a three-month period when you will have a limit that can be anywhere between £150 and £1000. Only thereafter, provided that you pay on time, you can see your limit raised to £3000 and more.
Higher associated risk means more expensive money. This is the rule of thumb of credit card providers, too. The fact that you can have a credit card with bad credit history or none at all, or with a CCJ and proven income of £0 will certainly mean that you pay a hefty interest. The lowest APR you can get on this market is a variable 29.7% but it generally hovers around the 40% mark.
Vanquis Bank, an award-winning credit card provider for years 2009 to 2011, has geared its offerings toward people like you. In a specialised section, the bank helps you analyse your credit rating and advises you on ways to to improve it. Besides, it lists the application evaluation criteria so that you realistically assess your chances of being approved.
The comparison website MoneySupermarket helps you filter and compare the adverse credit cards available on the market. You can immediately see the general requirements for approval, the APR and a general review about the card and quickly shortlist the most suitable options for you.
The website uSwitch.com offers virtually the same and as an extra it information geared to the specific card type you need.
The information on this page is designed to help you understand more and make more informed choices. We do not receive any commissions, instead we are funded from companies that we advertise on our website.