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Sub-Prime Merchandise Cards – The Cards That Actually Work For You

Credit CardsSub-prime merchandise cards are a cost-effective and powerful tool to increase your credit limit and decrease your debt-to-credit ratio. Like the “traditional” credit cards, these versatile cards report to one or more of the major credit bureaus each month.

If you are interested in credit repair, there are professionals out there who will work towards improving your credit so that you can get approved for loans, receive lower interest rates (and save thousands of dollars), and more. CreditRepair.com will help you create a game plan to improve your credit score, they will contact credit companies directly on their own, they will communicate with the credit bureaus to work towards making a change, and they provide an online dashboard that will help you monitor everything that is going on. It is all very affordable and will most likely save you thousands in interest fees and late charges.

A sub-prime merchandise card account is simply a line of credit that allows you to buy merchandise from a specific vendor, usually the company that sold you the card. In most cases, you”ll purchase the merchandise through a catalog or online mall.

Virtually anyone can be approved for $5,000 to $10,000 in credit attached to a sub-prime card with NO credit check and NO cosigner. The difference between a sub-prime account and a typical credit account is that the card is good only for merchandise through the issuing company’s website or catalogs, and the consumer is required to pay a small deposit on whatever they purchase. After the deposit is paid, the remaining balance is financed on the card.

Side note: If you are looking to increase your credit score, you can start off by checking your free credit score through Credit Sesame. They provide free credit scores so that you can see what areas you should be working on. Yes, it is actually free!

There are some definite and immediate advantages to getting a sub-prime merchandise card.

1. Your current high credit limit on your credit report will instantly be increased by the amount on the card and it appears on your report exactly like any other credit card or unsecured revolving account.

2. Your debt to credit ratio will immediately improve because your credit limit has been increased.

3. You will always be carrying a small balance of which you will be making regular payments. This quickly establishes your credit-worthiness.

4. If you make your regular payments it will not be long until you have legitimate, pre-approved credit offers coming right to you.

Look for a sub-prime merchandise card that reports to the credit bureaus and that offers a zero-percent interest rate.

A much better approach may be to obtain a secured credit card, which will be accepted with any vendor, and still help establish and rebuild your credit.

Secured Credit Cards »

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3 Responses to "Sub-Prime Merchandise Cards – The Cards That Actually Work For You"

  1. Leon says:

    I would like to get a list of sub- prime merchandise cards that reports to
    the credit bureaus.

  2. Karen says:

    Check the blog post for April 6, 2010 for a short list of sub-prime merchandise cards. We found a few that you can check out.
    However, this list is just for informational purposes and it is not to be considered any type of an endorsement for any of them.

  1. […] we have reported here before, Sub-prime merchandise cards can be an effective way to begin to rebuild credit. Most do not require credit checks and the […]

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