Low Credit Score? Not a Worry Anymore

Maintaining an appropriate credit score is very important for every individual. The reason for this is that credit score serves as the basis of how your applications for loans are reviewed and whether you are eligible for credit cards or not. The credit score also goes onto play a vital role if you apply for a mortgage or auto loan. Due to this reason there has been increased demand for guaranteed acceptance credit cards.

Credit Cards

The most common reason for this is that U.S. citizens are not being able to manage a decent credit score and meeting their credit obligations.

Declining Credit Scores

Credit scores have recently decreased as mentioned above, as during the third quarter of 2008 and the first quarter of 2009, the average Trans Union credit score fell by 6 points to 651 points. In places such as Arizona and California, the credit score fell by 11 points and 10 points respectively. The most common reason for could be late payments or not paying off your previous balances. Therefore, an offer such as the guaranteed approval credit cards would mean that any person could now be eligible despite having a low credit score.

Low Credit Score? Not a Worry Anymore

If you have a low credit score and are worried about your future expenses, then you would either be required to hand in a collateral to the lender or they would charge you a very high interest rate. This means that even if you do not make the payments on time, the lender would have the collateral as a security or high amounts of debt could be accumulating in their books which you might have to pay later on.

If you are worried that your low credit score might put you in a difficult position then this might not be a worry anymore. The reason for this is that there are several banks which provide credit cards even to those with a low credit score. The prime example of this could the first premier bank black platinum credit card.

First Premier Bank Credit Cards

The credit card provided by this bank is the only hope for those who are in high levels of debt and need some back up financing. The guaranteed approval credit card has an interest rate of 9.9%.

Besides this interest charge, there are also some additional charges which include the set up free of $29, program fee of $95, annual fee of $48 and a monthly service fee of $7. The limit allowed on the card is $250, however, after deducting all these costs the minimum limit left is $71.

Benefits of Guaranteed Acceptance Cards

Guaranteed Acceptance Credit Cards

The biggest benefit of such a card is that you could use the money to pay off your debt accumulated earlier elsewhere. This might help you improve your credit score over a long period of time as it could not be done immediately. The credit card makes your everyday life easier as now you could purchase the basic necessities using this card.

Prepaid Credit Cards

The First Premier bank also provides you with a prepaid credit card which means that now you could load the money into the card yourself and use it for daily transaction. The most common use of such cards is seen to be made for hotel/garage bookings.

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