Apply for Instant Bad Credit Credit Cards – 2010 CARD Act Changes Rules
Posted on | March 26, 2010 | No Comments
If you are looking to apply for an instant bad credit credit card then you will want to do your research on the 2010 Credit CARD Act as this is greatly changed the rules for credit card companies and how they are going to issue new credit cards.
One of the biggest changes in credit card rules is the fact that companies will have to give a 45 day notice of an interest rate increase. With this being the case many credit card companies have decided to offer higher interest rates at the beginning of the credit card rather than having to send out notices later for an interest rate increase.
Unfortunately, this can be very bad for borrowers who have poor credit. If you have a credit score below 680 and you have seen your credit score drop over the last several months there is a strong chance that you will only get high interest-rate offers for new credit cards.
With this being the case it is very important that you do your homework and find out what your credit score is. If you have a poor credit score and you are looking for low interest rates then please understand that this is not something that is going to be common in the near future.
Author: Heather Best
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