In order to avoid the high costs of subprime cards, consider alternative options that allow you toGet credit for monthly billsis one of the best choices for someone who wants to rebuild credit.
A secured card is nearly identical to an unsecured card in that you receive a credit limit and if you don't pay your balance in full each month you will incur interest charges. However, you have to make a deposit, often $200, in order to receive a line of credit. The amount you deposit typically becomes your credit limit.
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Deep subprime borrowers incur $1,599 more interest on the average credit card balance than super-prime borrowersHere's a breakdown of the average interest rate for borrowers from deep subprime to super-prime, and how much interest each can incur on credit card debt. And the credit rating system is average at best. Im negatively impacted cuz i dont own real estate, which i choose not to cuz i work on short term work projects. The idea is to get the sub prime borrower to max out the card and basically collect interest forever. The super prime will charge many more times a month, are happy with the fees and want to keep them. Lol. Come on CNBC, you can do better than articles like this
Source: CNBC - 🏆 12. / 72 Read more »
How knowing your credit score can help protect you from a subprime loanCNBC Select takes a look at why staying on top of your credit score is important and what score to aim for if you are a subprime borrower.
Source: CNBC - 🏆 12. / 72 Read more »
Sallie Krawcheck: Building an emergency fund before paying off your credit card debt is bad adviceHaving three to six months' of savings before paying off debt is go-to financial advice, but CNBC Select hears from a finance expert on why this is misleading. Ya dummy u r losing money on interest. Now bank wants me to use credit card everyone saying helps you build credit history when I don’t even want to use credit at all. The point of a cash emergency fund is to break the cycle of running to credit cards for every little emergency. Having the cash emergency fund softens the blow & allows you to reduce the balance on credit while funding emergencies.
Source: CNBC - 🏆 12. / 72 Read more »
4 Credit Cards That You Should Never GetCredit cards are a booming industry. And like any other successful product, there will be companies who go a little too far in trying to turn what should be simple into a sought-after trend. We’ve seen it all—credit cards for social media influencers, gold-plated cards and cards with sky-high interest rates. Here’s what we’ve learned: […] I was just handling my credit card matter yesterday it seems like someone can read my mind :) That is scary on fees 😳😢
Source: Forbes - 🏆 394. / 53 Read more »
Here's who's eligible for a credit card and what factors card issuers consider when you applyHere are the eligibility requirements and information you need to enter for a credit card application, and what issuers are looking at when they decide to approve or deny.
Source: CNBC - 🏆 12. / 72 Read more »
Free drinks, store credit and cries for help: How we're handling the coin shortageMany stores are asking customers to use exact change, credit or debit cards. But there are other workarounds. I have thousands of coins but no good way to get rid of besides rolling or paying coinstar 12%. If I pay with legal tender, I should receive legal tender in return, cash or coin. You can keep your silly store credits. There's a coin shortage? I wouldn't know I'm not stuck in the 1970s. I hardly ever use cash.
Source: latimes - 🏆 11. / 82 Read more »