Get a Credit Card Even With Bad Credit
Bad credit is definitely something you'll want to take steps to avoid, but if you already have bad credit that's all the more reason to improve it now. A credit card can be a great way to do this. Bear in mind, many people assume they have poor credit ratings when in fact they may not, or at least their credit rating may not be bad enough to actually affect which credit cards they can get approved for. If you have a few debts, maybe a loan or two or even an existing credit card this doesn't necessarily mean you have a bad credit rating. If you pay off minimum amounts each month and never default then your credit rating is likely to be poor at worst and may well be average: however this could make you exactly the kind of customer that a credit card company wants.
Consider that credit card companies may give people with a good credit ratings an introductory 0% APR; however, if that person only uses it for a few months and then pays it all off then the credit card company makes very little profit. What a credit card company wants to make money is someone who borrows on a credit card and then pays it off very slowly or even only pays the interest on a maxed out card. Some people may even pay more in interest on a credit card than they actually borrowed.
If you are not certain what your credit score is, it is worth applying for a few mainstream credit cards even with your local bank. If it does turn out that you have a poor credit rating you can still get credit cards. You'll simply have to pay a high APR because the credit card issuers will consider you a higher credit risk. Search online using comparison websites that specialize in being a one stop shop for credit card deals. You'll learn about all of the different types of bad credit credit cards. Some cards are designed specifically to help you rebuild your credit rating and the issuer will issue monthly updates on your repayment history to credit reporting agencies. Your regular on-time payments will have a positive affect more quickly. Of course, having a credit card when you have a bad credit score is only going to work for you if you make the scheduled payments on time each month. If you fail to make on-time payments it can get very expensive and finish off what little credit rating you had. If you have defaulted on debts in the past you really want to avoid even missing occasional payments this time. You may even want to use a credit card rather than paying in cash just so you can pay it off to improve your credit rating, there will be a small cost to this but not much and it could benefit you long term. After around 12 months of improving your credit score with the bad credit credit card, try applying again for a card that is slightly cheaper. If you credit score has improved significantly and you have have a balance on your old credit card, look for a card with a balance transfer option so you can move the debt to a new card where you pay a lower APR.
Questions and Answers
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When choosing a credit card your personal circumstances should play a big part in your choice. For example, if you are looking to borrow money for a long period of time then the interest rate will be of paramount importance and you may find it best to switch between cards to find the lowest rate on your cash.
All credit card issuers are not created equal. It depends on what you're looking for in a credit card. Some card issuers specialize in offering business credit cards which may be of interest and more suitable to you if you run a business. Some issuers may provide bonuses to the individual card holder.
Should you use a credit card or get a loan? The way you get your money from a credit card compared to a loan is quite different. With a loan you get the money you need as a lump sum paid to you when you take out the loan and straight away you pay interest on the whole amount. This means that if you want a loan to cover a variety of things such as expenses while you are a student or maybe for a business, you are paying interest on money you have borrowed before you even use it.
Should you get a credit card or a loan for your business? Having a business credit card is especially useful for a business that needs to be flexible. If you need to quickly replace equipment or someone fails to pay you for your product or service and you need to bridge a gap in funds, you can't draw up a business plan for the bank and wait weeks to see if they decide to give you a loan. Having a credit card means you can borrow money straight away.
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