Most Effective Way to Get Out of Credit Card Debt

February 27, 2012 by  Filed under: Credit 

The hard truth is if you have bad credit score, it is almost entirely impossible to apply for a new credit card. Because of the last economic depression almost half of the United States today either has bad credit rating or a few points away from having a bad credit rating. The mass relay is of course responsible for that. The good thing is that now that the economy is gradually improving, a lot of people got their jobs back or have found a new job altogether. But still, their past credit history is going to hunt them no matter. So it is time for you fix things up a bit before it’s too late.

One of the best and the most obvious ways to boost your credit rating is to pay your old debts. However, if this is not possible, especially if you have just started getting back on your feet, you might want to consider another option. Depending on how bad your credit is, there are some banks that offer balance transfer credit cards with zero interest. Balance transfer credit cards are especially made for people who needs to consolidate theirs debts to make one quick payment to a bank and for those who needs a fresh start.

Why You Need A Balance Transfer Card?

The point of using a balance transfer credit card is to pay off your current debt without causing that much impact on your finances. Most banks that offer zero percent credit cards allow you to transfer your debt for the purpose of putting a stop to the accumulating interest. Aside from this, they also allow you to pay your balance in 6 to 12 monthly installments. So it’s like having a fresh start. You no longer have to deal with annoying debt collectors or spend sleepless nights thinking where to get the money to pay off your debts. You can now start really paying off your debt every month and start boosting your credit score in the process.

How to Qualify?

You have to consider the fact that many credit card companies are skeptical about issuing their approvals, especially to those who don’t have pristine credit rating. The key here is to act as fast as you can. If your current card rating ranges between 650 and 600, you might still be qualified to apply for a zero percent card transfer. But if your credit score is anywhere below 600, this might be a challenge. What you can do instead is to search for banks that offer credit cards to people with bad credit.

How to Get Fast and Sure Approval?

Many people commit the mistake of applying for a card offer that don’t qualify them. So they oftentimes receive a rejection letter. Now, the important fact is, the more rejections you receive the lower chances you get of getting an approval. So you have to be very careful where to submit your applications into. If you have bad credit rating, never apply for a bank offer that only qualifies people with good credit rating even though the offer is very tempting. Taking your chances at this point is not recommended because all rejections you receive will reflect on your credit history. So if you have poor credit rating, only apply for a balance transfer card made especially for your current credit condition. This will increase your chances of getting an approval.

Important Notes

Now, if your application is already approved, you have to ask whether the zero interest offers is applicable to both the original amount transferred and for new purchases or only for the balance amount transferred. Banks usually offer the 0% interest to the original balance transferred and only for a limited amount of time.

Alvin Zafra is a highly qualified copywriter with years of background experience in writing optimized web content, articles, blogs and newsletters that target specified audience. He has excellent fact finding skills and a creative mindset that allows him to create unique content at all times. Some of of his specializations include finance, debt tips, insurances, fitness and health, work from home tips, gardening and a lot more.

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