It’s extremely frustrating when you are repeatedly turned down for a credit card.Having a credit card could actually improve your credit score in the long run and make it easier to get accepted for credit provided of course you manage the card responsibly. But if you know, or at least suspect, that you have a bad credit rating, how do you go about getting a credit card?
Credit cards for bad credit are available from providers who specialise in helping people with a less than perfect credit history.They do offer a line of credit so you can make large purchases and spread the cost of repayment.They do charge higher than usual interest rates between 25% and 40% APR and the credit limit may be quite low to begin with. Assuming you do not have any County Court Judgements (CCJs) against you or have not been declared Bankrupt, they are worth approaching.
The only other options in credit cards for people with bad credit generally seem to be either prepaid credit cards or secured credit cards. Prepaid cards are not really “credit cards” at all, since there’s no credit element involved and no credit checks required.Your “credit limit” is whatever you decide to put on them, so it’s impossible for the card to go over limit.Secured credit cards require a substantial deposit that to be held as security against late or non payment.You cannot touch that deposit and you won’t get the credit card until you’ve paid it.Some lenders demand that the deposit is 100% of the credit limit you require.
Since there’s no way you can avoid a credit check if you want plastic then these bad credit credit cards are probably the best option if you have adverse data on your credit file. These specialist providers will consider your individual circumstances as well as your financial position. These cards can help you to establish and build your credit rating back up again over time by demonstrating that you can manage credit successfully.Keeping your nose clean and the account under control means that you’ll then be able to apply for more competitive “regular” credit card deals.Although acceptance can never be guaranteed the odds are that you will be accepted by these providers.
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