Many people feel that there is no way out of bad credit as they cannot get new finance. You need to know, an adverse credit history reduces your chances to get accepted for a new finance to get a new credit card. You might be accepted, still, you might be offered special conditions, in terms of APR or they might even need a guarantor, as the higher risk they accept the more money they want to make. The worse your credit score is the less they will trust you with their finance.
Taking this into consideration you have to show them that you are trying to sort out your existing credit as well. Many people have successfully used this technique before for obtaining finance with bad credit because as financial companies like obtaining bigger deals and like the fact that you are ready to consolidate your credit. So you will submit an application for a consolidation finance plus other purpose as well, as they will see your existing credit on your file anyway, they will have to take them into consideration.
Review your options carefully, and watch out for some “easy to get” bad credit finance with a high APR, these can get your bad credit situation even worse. Don’t apply for (unless necessary) IVA-s and other solutions like that in any circumstances. So many people jumped into them and did not take into account the consequences, they are only for when everything else fails. There is nothing damaging your credit rating and history more than these two things, not to mention that you won’t be able to take on credit for a long time. If you were planning one of these, think before you act.
If you are thinking about a new credit card, make sure you can afford the higher interest rate after the initial period or can clear most of your debt before the high APR kicks in.
The first step is to obtain a copy of your credit file for free. They just recently started to offer these free of charge.. You must determine how poor is your credit rating exactly by reviewing the file. Knowing your credit score you can see which products you are able to get accepted. You have to make a wise decision,review the finance conditions and terms, and make sure you have a chance to be accepted and it will provide you the solution you are looking for.
Applying for more than one products will damage your credit rating so you will have no option left anymore. Read the small print to find out if they are conducting a credit check. If you are not a financial expert, and if you don’t feel good about negotiating with companies, you may decide to get help from a debt counseling company who will look into the products and find the product that that will help you build up your credit score and and you can also get the extra money.