If you have had rejections for credit in the past you may believe that a bad credit catalogue is too good to be true, when you find put how easy it is to open a personal account. Bad credit catalogues are not overseen by the same authorities as other money lenders such as banks and credit cards. Bad credit catalogues will always carry out a credit check, but they also eligibility check and base their lending decisions on your ability to repay the minimum amount on your statements each month.
How to get a bad credit catalogue
A bad credit catalogue will check for the following things when making a credit decision:
- You must be over 18
- Address history for the previous 5 years
- Regular income (benefits accepted)
- UK bank account
As well as the benefits of credit, listed below are the other things that are included with a personal credit account with a bad credit catalogue:
- Instant decision on application
- Next day or stated day delivery options
- Low delivery cost or yearly delivery plans for less than £10 a year
- Regular emails with discount bonus codes and flash sales
- Competitive prices with High Street shopping
- Well-known brands
- Increasing credit limit with good payment history
- Personal account with easy and flexible payment methods
Some of the most reputable bad credit catalogues are shown here with their current interest rates. It is worth taking into account that if you repay your purchases within the interest free period which is usually 4 months, not only will you not be charged interest, you will find your credit limit is raised quite dramatically in a short space of time.
- Simply Be, Jacamo 9% APR
- Kaleidoscope, Bon Prix, Freemans, Grattan 4% APR
- JD Williams,Very.co.uk, La Redoute, Curvissa 9% APR
- Fashion World 7% APR
When using a bad credit catalogue, it is just as important to understand that you will still be under the normal credit regulations and if you should be in danger of falling behind with payments, this can show on your credit file and can jeopardise future credit. As a lot of bad credit applicants will know, if you keep your bad credit catalogue up to date you will actually start to bring your credit score up and this will also be taken into account to your advantage when needing future credit. This is the same for those who have never had credit before, they are considered as risky as a bad creditor and therefore it is hard to get on the step. It is wise to keep a bad credit catalogue running smoothly as this will be a good start.
When you open up an account with a bad credit catalogue you will get a huge joining discount. Fantastic savings of up to 30%, and great delivery opportunities, as well as regular discount codes throughout the year. When used wisely a bad credit catalogue can not only help your credit score but will also be a canny money saving tool that can save a lot against regular High Street shopping.