Poor Credit Rating

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Credit plays an important role; sometimes a lifesaver and other time a murderer. Trying to stay above the economical disaster is a daily exercise for the majority. So, credit companies often seem to be our life saver, offering attractive interest rates, interest-free repayment periods and extended credit limits. But they don not told you that when you apply for credit you could on the knife edge.

With the credit secrets they never disclose, you could be heading for disaster

1. You will reduce your credit worthiness by applying for a lot of credit options. The more you apply for, the more you reduce your credit ratings.

2. They don’t want you to pay the whole bill so that they have a minimum monthly payment invoice. But in reality the less you pay on a monthly basis, the more interest gets charged on your credit remainder. At last you pay almost double the actual credit, because of the long-drawn-out payments.

3. Low starting interest rates do not last very long. In the starting they lure with minimal interest rates such as 4%, for the first six months or so. But, if you delay even one repayment, the interest goes up immediately.

4. Additional fees are always added: if you think your credit repayments are subjected to late payment fee. Credit cards generally hold to inactivity fees, over limit fees and transaction fees, while other credit facilities carry additional fees calculated on overdrafts, failure to maintain a minimum balance and account closure.