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Bad credit loans and junk mail with credit card offers

[Monday, January 17th, 2011]

Sometimes, it seems obvious that the credit card companies want credit scores of customers to go down. That is the most possible reason why a lot of customers get a lot of credit card offers every single day. In fact, one of the ways credit scores of customers go down is by spending too much using their credit cards. Having a lot of credit card accounts could surely lead one to credit card debt. Interestingly, credit card issuers offer a lot of incentives including offers such as balance transfers and 0% introductory periods. This is how some consumers eventually end up with bad credit loans.

Bad credit loans are also called subprime loans, and are usually accompanied by very high interest rates. This is because creditors want to save themselves from the risk of lending to those borrowers who have a very bad credit history. On the other hand, when you have very good credit scores of around 720 on the FICO credit score system, it means that you have very high creditworthiness. As a result, you are likely to get great credit card offers with low interest rates. However, as the credit score slips, as has happened with many credit card customers during the economic crisis, a lot of bad offers with high interest rates could face the consumer. A large reason for this is that creditors have become very cautious with their lending standards, and ensure that they are not at a great risk due to defaults.

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