5 Bad Credit Myths Dispelled

5 Bad Credit Myths Dispelled

Myth 5 – If the credit is bad, your credit limit will never be sufficient
Again, that’s just another myth you should not believe 100%. The fact is that your credit limit should be manageable. Expect to be charged higher APRs. The problem is that lenders will try to compensate for the added risk when they lend to someone whose credit history is poor. If you, let’s say, miss a payment, your provider will make more cash off of you right the moment you finally pay back. The worse your credit history is, the higher interest rate for you might be. Of course, credit limits aren't going to be the highest, either. Do not expect to be treated the same way people with very strong credit ratings are treated. The good thing is that if you keep paying back on time, you will not feel being mistreated. The only tip we can give you to help you avoid sky-high interest rates in the future is: refrain from borrowing beyond your means and remember to pay back on time.

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