Even if you have bad credit, you can still shop online using instant credit catalogs. Although the economy in 2013 is slowly recovering for the near economic fall-out of 2008, people's credit history may take longer to repair. You can kill two birds with one stone by using catalogs with instant credit. Meaning, you can get the things you need and also use these catalogs to help you rebuild and repair your credit. Most of these instant credit catalogs do require some sort of credit check, however, the credit requirements are not as strict as conventional credit cards. You can easily get instant credit with most of these catalogs and get approved for up to $100 instant credit even if you have bad credit.
What Are The Pros And Cons Of Using These Types Of Catalogs?
The pros and cons of using these types of catalogs really depend on the user. What may be a benefit to one person, many not be a benefit to another. Some pros most people can agree on would be the fact that these types of catalogs are usually easy to get. If you are shopping online, you usually just choose the items you want to buy and then upon checkout, you will be asked for your social security number and some other easy questions to verify that you are who you say you are which includes your address and phone number. An instant decision is usually given to you upon check out. In order to increase your chances of approval especially if you have damaged credit history, it is best that you keep your purchases under $100.
You can also order the catalogs from the website and then shop via the catalog through the mail or via the telephone. These catalogs make it easy for you to apply for and get the credit you need to purchase the things you want. This is a big benefit for most people who really need it. Many college students, and single parents struggling to get things the need for their apartment or home may find these types of instant credit catalogs very useful.
One of the most important cons or negatives could be the interest rates. However, the interest rates does depend on your credit and also the state you live in. Many people have the misconception that these types of catalogs automatically have high interest rates, but that is indeed what it is-a misconception. The interest rate could be considered a pro or a con depending how how good or how bad your credit is. They are not "automatically" high. Even if your credit is somewhat blemished, there is still a chance that you could get a better interest rate than you would get with a bad credit credit card.
These catalogs are pretty much up to date in terms of the types of merchandise they offer. Most of the time it's like walking into a high end department store. There are several "on stop shop" catalogs that you can get most of the things you need to furnish your home, clothes your family and buy the latest electronic items. This can be considered a major benefit to everyone who uses these types of catalogs.
Whether you apply online or via the at home catalog, you must be aware that you can start getting other pre approved credit catalog offers in the mail which will automatically have your name, address and your approved credit amount printed on the insert. Now, again, this can be both a pro or a con. A pro because you have pre approved for other catalogs or an increased credit offer from the particular catalog you are using which is a very big pro. More credit means that you are using the account responsibly and have the opportunity to repair and rebuild your credit history. However, because the information is not sent securely, anyone who opens that catalog can see your personal information. This one aspect of this industry is a con no matter how you look at it. It leaves you wide open to identity theft.
What Are The Interest Rates Range Of These Types of Instant Credit Catalog?
As stated above, the interests rates vary from state to state and also depends on your credit history. However, most of these types of instant credit catalogs have an interest rate that ranges from 5 percent all the way up to 30 percent.
Are There A Lot Of These Types of Instant Credit Catalogs?
Yes, actually. There are many of these types of instant credit catalogs even for those with bad credit both in the United States and in the UK. Some of the most well-know instant credit catalogs include Fingerhut, Gettington, Grand Pointe, Isme, Woolworth, Montgomery Ward and SeventhAvenue. Most of these instant credit catalogs started out as just catalogs, but with the Internet, they migrated online and are literally plastered all over the World Wide Web.
Many of the companies are related and have the same parent companies. When you visit your preferred only shopping site and apply for instant credit, you can usually see their partner sites listed somewhere on their website. Most of the time the partner sites are listed at the bottom. You can literally click on a partner site and check them out to see if they offer products that you can use. If after viewing their products you wish to purchase from them, you can usually apply for instant credit with that partner site. Each partner site has its own rules but with most of these instant credit catalogs, they usually work the same even with small variances.
A word of caution: Although these instant credit catalogs are pretty easy to get and you can use them to rebuild your credit, you have to be very careful because it is easy to get addicted to shopping and being able to get items you want so easily. A good rule of thumb is that if you can't pay for it, then don't get it. Not paying for what you have purchased can ruin your credit further. So think before you shop.