Bad credit raring Credit Cards
- Thread starter nev
- Start date
A credit card won't repair a bad rating, it's likely to make it worse.
If you don't have any credit rating, a credit card will create a credit rating. As your first entry it would be fairly neutral.
The only way you can repair a bad credit rating is to get whatever is making it bad removed (highly unlikely you'll be able to do this), or wait for it to disappear from your report, or at least for it to become less relevant.
Time heals wounds, but it can take a long time and don't let yourself get wounded again in the meantime.
If you don't have any credit rating, a credit card will create a credit rating. As your first entry it would be fairly neutral.
The only way you can repair a bad credit rating is to get whatever is making it bad removed (highly unlikely you'll be able to do this), or wait for it to disappear from your report, or at least for it to become less relevant.
Time heals wounds, but it can take a long time and don't let yourself get wounded again in the meantime.
Thanks but I am not trying to repair anything
But I am trying to get a 55 day credit card to deposit my pay into a HISA and pay the card monthly etc
I'm confused. Your initial post suggests there's a bad credit rating and you want to prove something.
Are you really trying to say that you just want a 55 day interest free credit card, but you've got a credit problem? If this is the case, I'd suggest staying away from credit cards. They're the number one reason why people end up with credit problems in the first place. The number two reason is consumer debts followed by personal loans.
Ok so where does being a nice friendly tradesperson that no one seems fit enough to pay for services fit into you list
I am wanting to pay a debt of as quickly as possible
(I am under a Part Nine debt due to no fault of my own except being a nice person)
Wanting a 55 day credit card to deposit pay etc into a HISA to help down pay the debt quicker
Any other suggestions appreciated
start with the bank you currently transact with, then if that doesnt work, try GE Money. Note, I dont think GE have an interest free period though...
remember, having a credit card wont help your credit report (being in part 9).
Most lenders need you to have finished your part 9 for two years before they will consider you 'cleaned'.
Good luck.
remember, having a credit card wont help your credit report (being in part 9).
Most lenders need you to have finished your part 9 for two years before they will consider you 'cleaned'.
Good luck.
That would be reason number 4. Small business doesn't get paid on time by creditors resulting in cash-flow problems. I've got several friends who've been in this position, it is unfortunate and probably the biggest risk to small business.
Lenders that deal in people with credit report problems include GE Money, Liberty Financial, La Trobe Financial and they have products to assist but I doubt they're interest free and could thus result in making the problem worse. GE have plenty of interest free products, but I don't know if they apply to credit impaired.
Last edited:
what about other banks? im sure there is a "have you been a bankrupt" question on every credit card application form, for any large or small bank
I bet there is in which I would answer no
I am under a debt agreement technicaly not bankrupt (according to a solicitor I spoke too )
Do GE still charge outrageous fees that would defeat the purpose of getting the card in the first place?
Nev, I see where you are coming from. Maybe you could arrange for your pay to go into the HISA and just draw a small amount of cash to see you through each week. As soon as your pay goes in, get the loan amount transferred that night so that you don't miss any payments. That way you can avoid dealing with a credit card company. By making a payment before the due date it would save you some interest if the interest is calculated on daily balances.
Best wishes
Nev, I see where you are coming from. Maybe you could arrange for your pay to go into the HISA and just draw a small amount of cash to see you through each week. As soon as your pay goes in, get the loan amount transferred that night so that you don't miss any payments. That way you can avoid dealing with a credit card company. By making a payment before the due date it would save you some interest if the interest is calculated on daily balances.
Best wishes
GE have a really high interest rate if you make an interest free store purchase (like in harvey norman etc), and don't pay it out by the end of the interest free time. For use just like a normal credit card with everyday purchases the interest rate is comparable with other similar cards. Plus a monthly account fee, which works out to about $60 per year. They have the 55 day interest free if you pay the balance by the due date like a lot of other credit cards (excluding interest free purchases)
