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Subprime Borrowers Find it Easy to Get Credit Cards ...

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Established Contributor

Subprime Borrowers Find it Easy to Get Credit Cards ...

... but at toy limits and high APR ...

 

http://www.msn.com/en-us/money/personalfinance/subprime-borrowers-find-it-easy-to-get-credit-cards/a...



EX 759, TU 764, EQ 743
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
3 REPLIES
Frequent Contributor

Re: Subprime Borrowers Find it Easy to Get Credit Cards ...


CreditInspired wrote:

... but at toy limits and high APR ...

 

http://www.msn.com/en-us/money/personalfinance/subprime-borrowers-find-it-easy-to-get-credit-cards/a...


Yeah that's what is the bad thing about it.  And if the credit habits do not change, the borrower is only digging themselves into a much deeper hole Smiley Sad


Starting Score: EQ 593, TU 600, EX 612
Current Score: EQ 838, TU 850, EX 847
Goal Score: EQ 750, TU 750, EX 780


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Established Contributor

Re: Subprime Borrowers Find it Easy to Get Credit Cards ...


FICOdeMio wrote:

CreditInspired wrote:

... but at toy limits and high APR ...

 

http://www.msn.com/en-us/money/personalfinance/subprime-borrowers-find-it-easy-to-get-credit-cards/a...


Yeah that's what is the bad thing about it.  And if the credit habits do not change, the borrower is only digging themselves into a much deeper hole Smiley Sad


Good thing I have this site to keep me honest, then. Smiley Wink Seriously, with my revolving-credit lines pushing up past the $12K mark as of this past weekend, the temptation is definitely there but my primary thoughts are actually focused on getting outstanding balances down where I can and moving to close my secured card once I get it paid down/BT'ed so that I can remove that no-longer-really-needed account, get my deposit back, etc. It also helps that I've been warned off dangerous things like getting too enthusiastic with the SCT as well as the really bad/junk subprime cards, and have made substantial progress on getting the cards I actually do want.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Established Contributor

Re: Subprime Borrowers Find it Easy to Get Credit Cards ...

OMG you said line(S)...plural... Just how many cards do you have pushing the 12k mark? I know how that feels. I have 7k max on my CSP and I made mistake and flexed it to 10k. UGH! I wish these flex cards were more like bank debits, whereas your limit will stop there and anything else trying to come thru, hits an instant denial. I think Banks are partly to blame as well. Of course the consumer should be aware, but the banks are banking on their A+ prime people to keep them in business, while most of those A+ are going deeeper into that sink hole themselves.
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