How to Get a Credit Card if You Have Bad Credit and a Low Credit Score
Tips to Get a Credit Card with Low Credit Score and Bad Credit
You should be aware from the very beginning what a serious challenge it is to get a credit card with a low credit score and bad credit. If you’ve tried to do that by now, you maybe even think this task is altogether impossible to accomplish. There seems to be no one willing to give you a second chance. However, getting this second chance is quite possible. The following tips will help you to improve your credit score and rebuild your creditworthiness.
•Learn your FICO credit score. This will save you the time, wasted on inquiries and applications for cards you don’t qualify for. There are several different levels of credit cards. They range from the A-plus credit, available for borrowers with high credit scores, and down to credit cards, available to borrowers with scores as low as 400’s – 500’s.
•Such websites as creditboards and whogavemecredit allow to access information on your credit card application score. The data, enclosed in these websites, is manually inputted by everyday, ordinary people. Just note the credit card you applied for, your credit score and whether you were approved for the card or not.
•If your credit score is low, you may be required to pay an annual fee (and in case of some lenders, even a monthly fee). All you can do is to accept the fact, since banks see higher risk in lending to you, and they need more guarantees. Yet, there are banks that use the desperate situation of borrowers with low credit scores to milk them for everything they can. So, try to avoid such banks with excessive fees, even if they claim to help you rebuild your credit. Instead of opting for such a card that engages you into paying a lot of different fees, consider getting a secured credit card. It is a far better way to build up a credit and with no waste of money involved.
When you’ve made your choice and managed to obtain a credit card, follow these few rules to raise your credit sore:
•Don’t be late on payments of your new credit card bills.
•Don’t let your card go over the limit.
•Try to maintain the balance of your card below 50% of your credit line.
