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Archive for Bad Credit

How to Get a Credit Card with Bad Credit

By BankAim · Comments (0)
Monday, October 10th, 2011

The economy is still in the dumps and thousands of people are without a job. No income leads to the inability to pay bills, which leads to bad credit.

Once you are out of your situation it is wise to begin rebuilding your credit, but what is the best credit card to get if you have bad credit? Where do you start? and How do you apply for a credit card with bad credit?

Applying for a credit card when you have poor credit is actually no different than if you have great credit. Your options will be far less and fees may be higher, but the process itself is the same.

Is there a ‘best card’ to get for this situation? There are a lot of credit cards out there for people in this predicament. Especially as of late because the number of people that are applying for “Bad Credit Credit Cards’ has increased. Therefor there may not be one best card, but you do have options.

Many cards that are offered for poor credit individuals are secure credit cards (read here about the difference between secure and unsecured credit cards.) If you have been unsuccessful in applying for a traditional credit card a secure credit card may be right for you. More often than not you can get approved. Some secure credit card offers do not even require a credit pull.

So the next question is “Where to get a credit card with bad credit?”

Here are a couple of bad credit credit card offers you can start with.

The Orchard Bank card is the best place to start. This is a card with low fees created for individuals with poor credit. If you cannot get approved there see the Horizon Gold Card below.


The Horizon option is expensive, but offers no credit check and guaranteed to report to the major credit bureaus.

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Categories : Bank Info, Credit Cards
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Best Credit Cards for Bad Credit in 2011

By BankAim · Comments (0)
Thursday, May 5th, 2011

Have you been suffering from bad credit? By now you might have already realized the effects of having a bad credit score. For one thing, you might be in too deep with credit card debt that you don’t have any means of extending your credit line. Aside from that, should you decide to get a loan for a home mortgage or a car loan, you end up being rejected or being faced with sky high interest rates that could make anyone choke.

Don’t let your bad credit score continue to get you down because there’s still hope for those who have poor credit scores. There is actually a way to rebuild your credit score by the use of credit cards themselves!

Yes, credit card companies have finally found a way to answer most people’s credit problems. Give them a credit card that can actually help rebuild their credit score. These credit cards report to the three major credit card bureaus, improving your credit score greatly without any added effort on your part. Plus, some of these cards don’t ask for a credit check or a checking account. So even if you have nothing to show that you’re actually worthy to have a credit card, you can still apply for a new one.

To rebuild your credit score, all you have to do is make payments on time and keep your balance below the credit limits. As they say, there’s always hope for everyone. Start rebuilding your financial future with the best credit cards for bad credit in 2011:

Best Credit Cards for Bad Credit

This time around, choose a credit card that won’t bring you down. Depending on your credit situation, be sure to choose cards that have low interest rates and flexible terms. Plus if a card offers a 0% interest rate introductory period, that should be a good place for you if you can’t pay the whole amount.

Don’t let bad credit get you down. There is a way to rebuild your credit score while still being able to avail of the conveniences credit cards can offer you. Choose your card wisely, and you’re in for a chance at credit redemption.

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Categories : Credit Cards
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No Credit Check Refinance – Is it possible?

By BankAim · Comments (0)
Tuesday, November 23rd, 2010

When you apply for a mortgage one of the very first things you will need to do is give your social security number so your broker or bank can pull your credit.

What if your credit is terrible and you don’t want your credit to be pulled?

In all honesty it is very unlikely that you find a lender willing to fund a mortgage without your credit being check, although there are a few exceptions to this rule.  Your credit score is not the only, nor the most important factor in determining if you qualify.

Lenders and banks understand that some people with a stronger financial portfolio may have poor credit.  (stronger in the sense that you are able to comfortably afford your mortgage payment.)

It comes down to risk for lenders.  If you can show that even though your credit is poor you have the means to make your mortgage payment every month you may be able to qualify for a refinance.

If you have missed a mortgage payment in the previous year or two it is unlikely you will qualify because this dramatically weakens your position.  You want to show good payment history, strong monthly income and it is very important that you have money in reserves.  Which simply means money in savings, a liquid retirement account or something similar.

If you can show the lender you can comfortably make the payments and are a low risk borrower you may be able to refinance with less than stellar credit.

Here is a break down of the important factors when qualifying for a mortgage.

  • DTI (Debt to Income) – If your DTI remains under 30% it shows you earn enough money to comfortably make your mortgage payment.  The lower the better.
  • LTV (Loan to Value) – The lower the Loan to Value on your home the stronger it is.  If you only owe 70 or 75% of your houses value you become lower risk.
  • Income – Income is a main factor in determining your DTI.
  • Assets – If you can show 6 months of assets, this will really strengthen your file tremendously.  Assets, particularly liquid assets, help show that even if you lose your job or run into financial difficulties you can still make your mortgage payment for a number of months.
  • Payment History – A clean mortgage payment history (meaning you have no 30 day late payments) shows you are a trustworthy borrower.

In conclusion if you can show strength in the other areas of your mortgage than the credit score factor may be minimized or eliminated.

Some people never even build credit and literally have no credit, but can still purchase a house.  This is because these other factors are strong.  Plus in this case if we are looking to refinance the fact you already own the home helps tremendously.

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Categories : Mortgage
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