Unsecured Poor Credit Credit Cards – Can You Get a Low Interest Rate in January?
Posted on | January 27, 2010 | No Comments
With many American families struggling to make ends meet financially people could look for an unsecured poor credit credit card. One of the questions that these particular borrowers might ask is “can I get a low interest rate in January?” Unfortunately, the only way to find out if you will get a low interest rate is to actually go through the application process.
If you have very bad credit, but a credit score below 650, then the answer is no. You will probably not get a low interest rate if you have a bad credit score. Credit card companies have struggled greatly to produce a profit in the last few years as credit card payments are going unpaid. With this being the case they are no longer offering low interest rates to subprime borrowers.
There’s a very good possibility that you could get a low introductory rate APR but please understand that this rate will not last forever. Over the last few years we have seen that time frame of introductory rate APR’s shrink. At the present time the average introductory rate APR timeframe is six month which is down from 12 to 18 months.
One of the best ways that you can lower the overall interest rate on your credit cards is to make sure that your credit score is increasing. If credit card companies see that your credit score has gradually increased over the last several months they are going to be much more willing to allow you to borrow money at lower interest rates. If the opposite is true and your credit score has dwindled over the last several months you are going to find that these credit card companies are not willing to budge on the interest rate.
Author: Heather Best
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