People with credit can get new credit products much harder than people with a sound credit rating or an OK credit file. However there are some products especially designed for those who have already have bad credit rating and need more finance to live on and pay for the stuff they need. There are different types of credit products on the market depending on your credit rating and which ones you can take out will depend on your overall credit score.
If you do have bad credit you have to look for the financial products that you will get accepted for even with poor credit rating. There is no point trying to hit the mark for a personal loan with your bank, as you have no chance and all you will achieve is to further damage your credit rating. You have to know that every single application you will make lowers your credit score so don’t risk it, but research the market for bad credit products.
If you have previously been refused credit by different providers, you need to play safe if you need new finance in order to get accepted. You can later consolidate these bad credit products with another financial product that offers better conditions, but for now you do have to concentrate on obtaining a bad credit product and money you need while rebuilding your credit rating.
Credit cards for bad credit
There are credit cards that are specifically designed for people with every type of credit rating, even with bad credit. There are plenty of offers on the Internet and in the papers, however you do have to make sure that you only enter an agreement with a company that is legal and you will have no further problems after getting your credit card. There are some guaranteed acceptance credit cards that offer a flat fee and your interest rate will be suitable for your credit rating. You still need a credit card, even if you have poor credit, as it provides you with all the protections and guarantees that debit cards don’t.
Loans for bad credit
You can get a loan with bad credit, and these are usually called “payday loans” or “bad credit loans” as you will not get credit searched for them. They are a good way of consolidating catalogs or other high interest products, or just pay an emergency bill. You get an instant decision, you can also apply online by filling out an easy form.
Bank accounts for bad credit
If your bad credit doesn’t allow you to take out a bank account with your bank, or the bank has actually closed your account, it is still possible to get a bad credit bank account. They come handy because you do actually get a debit card with them, can set up direct debits, so can make sure you are not missing any more payments. You can also have online banking and a pre-paid credit card with them.
You should have one main goal in front of you when taking out bad credit products, and that is repairing your credit rating. Doing this will change your financial future and ability to apply for credit with better conditions.