Saturday, April 17, 2010

How to Get a Credit Card if You Have Bad Credit

Having bad credit won't necessarily prevent you from getting a credit card, but it can make it-along with other, larger purchases in your life- much more difficult. Follow these steps to get a credit card despite your bad credit.

Apply for credit cards at smaller retail stores. Sometimes these companies are more willing to give you a chance. If your application is accepted, make a small purchase and pay at least the minimum payment every month and on time. (If you pay more than the minimum payment, you won't pay as much in interest charges.)

Go to your bank, savings institution or credit union. If they already have your business, they may be more willing to give you a credit card.

Apply for a secured credit card if all else fails. You will be required to open and maintain a savings account as security for your line of credit. Your credit line will be a percentage of your deposit.

Ask a friend or family member to co-sign for a credit card. Remember that their credit counts as well, so choose someone with good credit. If you can't pay back the loan, they must, and it will appear as a blemish on their credit rating.

Read the original full article here.

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