It can happen to anyone at any time. You get hit with unexpected bills that you simply can't afford to pay and your credit goes from good to poor. It can happen through no fault of your own. The bottom line though is that it doesn't necessarily mean you can't still get a credit card. You can still get a guaranteed approved credit card in your name even with poor credit. There are many different credit card companies that will extend guaranteed credit to those who have poor credit. By getting one of these credit cards and using them, you can begin to bring your credit rating back up, while at the same time being able to enjoy the benefits of having a credit card. Applications For Bad Credit Charge Cards When you apply for a bad credit charge card, a credit check is often not even required. Most of the time you will receive pre-approved credit card applications in the mail. Before you fill out any application though, you may want to stop and think about why you want a credit card first. Are you simply trying to use a new credit card to pay the bills? Are your other cards already over their limits? Or are you only trying to improve your credit rating and your overall credit with a new card? Next, be sure to look over all of the terms and conditions on the credit card application. Credit cards that are issued for people with bad credit generally have very high interest rates. Some are as high as 45% annually. It will pay big dividends to look for a credit card with the best terms before filling out any application. Look for extra upfront charges like application fees, account activation fees, monthly account maintenance fees and whatever other fees some of these credit card companies come up with. Many times these upfront fees can immediately give you an account balance of $250 or more. When you find the credit card company that fits what you're looking for you can usually fill out an online application. You can always send in a paper application by mail, but an online application will give you a much quicker approval notice. Security Deposit Credit Cards Many different credit card companies also offer a pre-pay deposit system to open a new account and receive a credit card. You simply send in a cash deposit and your credit card is issued with a credit limit equal to the amount you sent in. Improving Your Credit Rating Even though you may currently have bad credit, whenever you receive your new credit card the company will report all of your payment activity to the major credit bureaus each month. When you begin making regular monthly payments on your credit card your credit will immediately start improving. Make payments that are higher than the minimum due. This will help your credit score even more. By continuing to do this you will soon qualify for regular credit cards with lower interest rates and increased benefits. |
