What can i do to get a credit card application approved with bad credit?
February 26, 2009 - Well, i had a credit card about a year ago which i never paid for but am doing so now, i want to get a credit card application aproved, what can i do?
It will take time before you rebuild your credit score. With your credit score it will be hard for you to get a loan. Check this resource I found on how to get approved even with bad credit score http://www.squidoo.com/badcreditcardresources Hope this will be helpful for you :)
- If you need a credit card, more offers come in when your credit is clean. try this site, it helped several people I know: best buy credit repair . com
- credcards.noneto.com - try this one. You can compare different credit card and choose the best one for you. Some of them accepts everyone, even if a person has bad credit.
- Very little with crappy credit. You can get a Cap 1 with a 200-300 limit and high annual or an Orchard card with the same limit. Agood limit? Forget it they are cutting limit for outstanding credit risks
Don't mess with Orchard or any of those. If you have bad credit get a secured card here's why. They report to the credit bureau, it's basically a savings/debit so the limit is going to be what you have in an account and as you add the limit grows, but you can never get in trouble by going over limit and getting hit with fees. You are paying yourself back and you are learning good habits that got you in trouble to start with. As you do this and they report to the bureaus make sure it's going to all three your rating will go up and you can get a real card later, but i try to avoid credit cards like the plague if I can pay cash or wait. Those other cards above start you witha low limit 300-500 when it comes you already have 165.00-200.00 in fees on the card that have to be paid off, once ayear you pay a 60.00 card fee, if you're late boom late fees, if that takes you over your limit boom late fees..for a 300-500 limit, not worth it. Go prepaid, it's your money! You borrow from yourself and pay yourself back and you get the credit rating to boost.
Great question! It sounds like you are trying to make some wise decisions now and that is to be commended! The best advice for you is to get on a written budget. I know, sometimes the dreaded "B" word can have negative connotations. However, if you get a written game plan for your money in place, you won't need a credit card. Living within your means is, and will always be, the best advice for anyone. Notice how many people and corporations are in financial trouble by not following this simple, yet timeless advice? :-) A wise man once said..."Would you trust a company that handles it's business the way you handle your money?" Putting tight reigns on the money can lead to wealth building. Credit cards lead to wealth building....for the bank. Good luck! For more information on budgeting, check out this site: http://www.daveramsey.com/the_truth_about/budgeting_3457.html.cfm
Quite possibly, your only chance would be a secured card like those offered by Orchard Bank. With these you make a security deposit that will be held in a special savings account set up in your name by the lender. This deposit is usually equal to at least 50% of your credit limit. As a last resort, if you fail to pay, the bank can withdraw this money to cover your debt, you can deposit more money at any time. These are hard to be declined for and their interest rates are usually lower than unsecured cards for people with bad credit. However, some, such as Orchard Bank, can cost $ 35 or more annually Also Be sure that you are actually getting a secured Credit Card. If you just get a pre-paid debit card, like those sold in drug stores, those won't help your credit score.
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