Credit Cards Truthiness

Archive for the ‘Credit Cards’ Category

Anybody who wishes to apply for a credit card will undergo credit check. The credit check is a parameter imposed by the Federal Law to ensure the financial capability of the person applying for the loan. This is based on the credit score of the person, which measures the income capacity, credit history, and existing accountabilities. The rationale behind credit check is to ensure that the money being borrowed by the applicant is secured. The applicant can fully settle whatever bills he incurs and he settles them on time or on due dates. Otherwise, there is a corresponding interest and penalty added to it.

Credit check helps the bank determine the amount of credit limit to be given to the applicant. The spend level to be provided to the person is dependent on his earnings or income capacity. A person with a good credit score and history is a manifestation that he can fully settle his account and he is more favored than one who has a bad credit. However, there are now banks and financial institutions whose target market are people with bad credit history. This means foregoing credit check since doing a credit check will only show that this group will fail on the credit score of having a good credit standing. Isn’t that ironic to be issuing a credit card to someone whose past says he cannot pay? The answer lies on 2 basic things: one, the customer deserves a fair deal, and the other is that this specific group comprises a good piece of the pie (market).

Here are a few no credit check credit cards:

1.    Horizon Gold Credit Card. A guaranteed $500.00 credit limit is being offered. It guarantees approval. What’s more, there is no Employment Check! So no credit check required and one gets an instant credit card. Annual fee is only $59.00
2.    First Option MasterCard. This card accepts any applicant regardless of their credit history. There is no credit check required and a maximum of $5,000.00 credit limit can be offered.
3.    New Millennium Bank Black Visa Card. No credit check is also offered and a maximum of $10,000.00 credit limit can be availed. Annual Fee is $59.00 and one can avail of Cash Advance at over 740,000 ATMs.
4.    Next Millennium Visa. This card also requires no credit check. One can avail of Cash Advance at over 740,000 ATMs. More so, this Visa card can also be accepted at MasterCard affiliated stores.
5.    Applied Bank Secured Visa Card. This card has no Income Requirements. There is also no Credit Requirements. Hence, no credit checks. Credit limit is $5,000.00 and is accepted worldwide by millions of affiliated establishments. Annual Fee is only $50.00.
6.    Juniper MasterCard Prepaid Card. This is a prepaid card which requires no credit check. No bank account is also required and Direct Deposit is free. This is accepted worldwide and Cash Advance can be availed from millions of ATMs anywhere.

No Credit Check Credit Cards are a good way of doing away with a bad credit history. Why not get one to start rebuilding a good credit standing?  The above credit cards can be availed and applied to anytime via online.

A credit score is a parameter determining the approval of a credit card application. A credit score ranges from 300 to 850. This represents the credit worthiness of a person – meaning the persons’ ability to settle his loan and accountabilities with the bank or the lending institution. A person with poor credit score will most likely fail when applying for a loan or a credit card. The scoring matrix provided for by the Credit Bureau to determine the credit worthiness of a person is as follows;

Excellent Credit, 750 – 850. Good Credit, 660 – 749. Fair Credit, 620 – 659. Bad or Poor Credit, 350 – 619. No Score, 0 – 0.

It shows that a Poor Credit Score ranges from 350 – 619. Therefore, the higher the score is, the better it is for the bank. A person with poor credit history will surely not get an approval since he is a potential threat to the company’s desire to collect money from his investments. A non-paying customer will always be a liability and business growth will definitely be at stake and hampered. Therefore, it is an assumption that people with Excellent Credit or Good Credit Standing will be beneficial to the credit card industry as compared to those with bad or poor credits.

Despite these facts, there are still banks and card companies which offer their service to people with bad or poor credit history. There exist Poor credit credit cards with no fees catering to this market. This means no annual fees and APR being charged to the applicant
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Here are some of them:

1.    BuyRight Prepaid MasterCard. This is a card for people with poor credit history. No credit check is required. No security deposit as well and with a maximum of $5000.00 credit limit. This is accepted wherever MasterCard is. No annual fees being charged to the customer.
2.    Centennial Visa and MasterCard. This is another poor credit credit card. However, it does not waive all the charges and fees. There are limitations that were set on the terms and conditions presented. It would be good to go through them when applying as it reports to Credit Bureaus from time to time.
3.    First Premiere Bank MasterCard. This card accepts applicants with poor credit score, but there are terms and conditions enclosed. It also sends out report to the Credit Bureau on a quarterly basis.
4.    Applied Bank Secured Visa. For a minimum deposit of $200.00, one can readily avail of this card. It does not require credit check. No income requirements and does not report to the Credit Bureau. Ongoing APR is 9.99% with a $50.00 annual fee. Maximum credit limit than can be availed of is $5,000.00.

Poor Credit credit cards will always be handy. This is brought about by a portion of the market, which is the group with poor credit score and with poor credit history. Although it is offered, there are certain terms and conditions that go along with it as shown. Banks may offer a Secured Card or a Prepaid Card to accommodate them. There are also Poor credit credit cards with no fees at all and they do offer free annual fees. It is important to remember that building a good credit history remains the highest priority whenever one applies for a credit card.