The truth is to buy or sell so many things in today’s society, you simply must have a charge card available to complete many transactions. Sure, you could pay cash for many things, but how safe is it to carry around a wad of bills? If you lose the money, it’s gone forever.
However, not so with a charge card as that little plastic device can be easily replaced. What do you do if you have damaged scores? Are you locked out from getting a credit card? Happily, the answer is a No. You have some options that can help put a new card in your wallet, damaged scores or not.
Damaged Scores: What It Is?
Before we take a look at applying for a charge card, let’s examine some things that could cause you to have a damaged score rating:
- Late payments on car loans, rent, mortgage, bills, etc.
- Medical bills you cannot afford to pay.
- Legal judgment against you including child support, lawsuit, etc.
- Loss of job, big reduction of income.
Any one of these things can harm your score, making it more difficult, but not impossible, for you to get a charge card.
Damaged Score Charge Cards: What The Offers Are?
Your APR will be higher. Some offer low APRs for the introductory rate, while other cards will offer a variable rate. Overall, the APR will be higher.
- Default rate: If you are late with payments, you may find yourself paying a much higher default rate.
- Annual fee: Expect to pay an annual fee as high as $100 per card, less if it is for a secured card.
- Other fees: Depending on the card you select, you can be charged an account set up fee, program fee, annual fee, and a participation fee.
When shopping for a card, only commit to getting one that fits your budget. Between the fees and the higher APR, you could find yourself with a card that doesn’t work with you. If you need to discuss your ability to get a charge card with a professional, go ahead and book a free consultation.