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Guaranteed Acceptance Credit Cards Explained

by Jim ONeil on September 7, 2010

in credit cards

credit cards pictureSo the dilemma of individuals with adverse credit history is their ability to secure a worldwide accepted credit card. Application to credit cards require good credit history and high credit score rating to attain approval and this has been the bane of existence of most people with bad credit history.

financial advice uk picThe “go-figure” scenario is for someone with bad credit history would be: I would like to be able to fix my credit score by applying for accredit card and paying my bills on time which can be reflected on my credit reports and eventually re-up my credit scores but how can I do that when my application for a credit card is always being turned down because I have a bad credit history. And the cycle continues.

But this all came to end in the advent of guaranteed acceptance credit cards. The guaranteed acceptance credit card is pre-approved and does not require credit checks at all, and it is specifically made for people who do not want to go through the credit card application credit check procedure.

This type of application works for individuals with bad credit or even people with no credit history. Knowing that their application will only be disapproved because they know what their credit score is and/or they are aware of their past credit records, hence applying for the regular credit cards would only be a waste of time. And that is the reason why most of them turn to guaranteed acceptance credit cards.

Yes, guaranteed acceptance credit cards are useful for people who badly need credit cards but are unable to get one but it may also pose several issues in the future.

One of the great things about getting guaranteed acceptance credit cards would be no matter how bad one’s credit history is, they can get these cards. And if one uses these cards with care and a sense of responsibility, he or she may be able to fix his credit score and bring it back to the low-risk level everybody is vying for.

On the downside, once approved, you will start feeling the heat because these guaranteed acceptance credit cards come in partner with higher interest rates compared to the regular credit cards. They come in with a wide array of fees and extra charges and you just have to bend over backwards if you really want to fix your credit scores.

So when you go out and apply to these guaranteed acceptance credit cards, find time to read the fine print, a thing we normally do not perform which leads to certain issues in the end. Compare interest rates and find out who offers the best deals in the no-credit-check market.

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