7 Ways to Get a Credit Card with Bad Credit Score – If you have bad credit, you’re already well aware of how hard it can be to find a credit card when your score isn’t great. With so many people applying for credit cards today, lenders are pickier than ever about who they give them to and more willing to turn down applicants with low scores or poor payment histories. That doesn’t mean it’s impossible to get the plastic you need, though—and with the tips below, you may find that it’s not as difficult as you thought.
1) Go to your bank for a Secured Credit Card
Your first step should be going to your bank or credit union and asking about secured credit cards. These types of credit cards require you to put down a deposit, which acts as your credit limit. So if you have $500 in savings, you can get a secured card with a $500 limit. This is a great way to build up your credit score because it shows that you’re using credit responsibly.
2) Become an authorized Credit Card user
One way to get a credit card with bad credit is to become an authorized user on someone else’s credit card. This means that you will be able to use their credit card but will not be responsible for making any payments. To become an authorized user, you will need to have the primary cardholder add you as an authorized user on their account. This can be done by contacting the credit card company and asking them to add you as an authorized user.
3) File for bankruptcy
If you have bad credit, your options for getting a credit card are limited. One option is to file for bankruptcy, which will give you a fresh start financially. However, this should be your last resort as it will damage your credit score for years to come. If you do decide to go this route, make sure you work with a reputable bankruptcy attorney who can help you through the process.
4) Find a Credit Card Cosigner
A cosigner is someone who agrees to be responsible for your debt if you can’t pay it. This can be a family member, friend, or even a financial institution. Having a cosigner can help you get approved for a credit card, even if you have bad credit. Here’s how to find a Credit Card cosigner
1) Find out if the person you want to ask has good credit and
2) Make sure they’re willing to cosign before asking them.
3) Call the issuer of the card and 4) Be honest about your past debts
5) Join your parents’ Credit Union
One way to get a credit card with bad credit is to join your parents’ credit union. If you have a family member who has good credit, you may be able to get a credit card through their account. This can be a great way to start building your credit history.
Another option is to get a secured credit card. A secured credit card is one that is backed by a deposit that you make. For example, if you put down $500, you will have a $500 line of credit. However, the drawback to this type of card is that there are usually high-interest rates and an annual fee. The best advice for getting a credit card with a bad credit score is not to apply for more than one secured credit card in order to avoid being turned down because you have too many inquiries on your credit report.
6) Start paying bills on time
One of the best ways to improve your credit score is by paying your bills on time. This shows creditors that you’re responsible and can be trusted to make payments on time. You can set up automatic payments for your bills so you never have to worry about forgetting to pay a bill again. Another way to stay on top of your payments is by setting up reminders on your phone or calendar. This way, you’ll always know when a payment is due and can avoid any late fees.
7) Save up money for a deposit
One way to get a credit card with bad credit is to save up money for a deposit. This is because most secured credit cards require a deposit. The deposit is usually equal to your credit limit, so if you have bad credit, you may only be able to get a secured credit card with a low limit. Another option is to get a co-signer. A co-signer is someone who agrees to pay your debts if you can’t.