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How to Get Credit Cards for Bad Credit

Monday 03 September 2018 at 05:00 am.

People with bad credit may find it difficult to obtain credit cards for themselves. They have the fewest options for getting credit cards, since banks don’t want to extend a credit limit that may not be paid for on time. Luckily, all is not lost for those with bad credit scores. Credit cards for bad credit exist, no matter how low your credit score may be. Here are some tips to get credit cards for bad credit:

Don’t Apply for Too Many Credit Cards

You may be tempted to apply to as many credit cards for bad credit as possible in the hopes that one of them will get approved. You shouldn’t do this, since each application puts out a hard inquiry into your credit report. This can negatively impact your credit score for as long as a year. You can find more details on credit card on the site

Try a pre-qualification option first, since those are only soft inquiries. Alternatively, only apply for cards that you know you’ll be approved of.

Apply for a Secured Credit Card

Consider applying for secured credit cards for bad credit. With secured credit cards, you get zero percent chance of rejection and a hundred percent chance of approval since you will be required to give an initial deposit amount. This initial deposit amount will serve as collateral; if you miss your payments, your bank will take it out of the deposit.

Secured credit cards for bad credit have smaller credit limits, but you may request a raise. All you have to do is maintain a good credit standing. Over time, you will be able to look credible in the bank’s eyes by paying bills regularly and on time. Once you have rebuilt your credit score, you can convert your secured credit card for bad credit to a regular credit card.