As the name suggests, bad credit credit cards are essentially credit cards for people with bad credit. In the UK, there’s no such thing as a universal credit rating that is used by every lender, so there’s no reason that just because you’ve been rejected by one you’ll be rejected by them all. However, most lenders have similar criteria they use to measure borrowers by. You can find out more about what this might include here.1 month ago romanrakefireModerator
If you have a long history of responsible borrowing, meaning that you always make your repayments on time or in full, there’s every chance you’ll be accepted for the deal you want.1 month ago twistedpizzaModerator
However, if you have missed payments in the past, been late or struggled with your repayments, gone over your agreed credit limit or had to make use of a debt solution, your credit rating might stand against you. Similarly, if you have no credit history because you’ve never borrowed, the lender you’re applying to may not have the proof they need that you’ll be able to borrow responsibly.
Whether your credit rating has been damaged by your previous borrowing or you’ve simply never used credit, if you want to borrow in the future and have the best chance of getting the most competitive deals on the market, you need to make your credit rating as strong as possible. This is difficult if your current credit rating means that lenders are wary of lending to you.1 month ago romanrakefireModerator
The providers of UK credit cards for poor credit understand that the people applying for them do not have the best credit ratings, which means that this isn’t weighted as heavily in their list of acceptance criteria.1 month ago twistedpizzaModerator
If you’re already overloaded with debt and struggling to make your repayments, you shouldn’t try to get a bad credit credit card in order to borrow more money. If you’re struggling financially already, borrowing more won’t help. It may be an option to seek professional debt help.
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