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Can People With Bad Credit Get Credit Cards?

By: Jeslyn Jessy

It is quite unfortunate if you have a bad credit during global financial crisis. However, you need to be optimistic and accept the fact positively. Don’t be upset if you fail to obtain credit cards. In today’s business world, there are a number of genuine credit card companies or providers that are willing to extend credit to people with poor credit rating.

Here are some useful tips that you may refer:

- When credit card is really a necessity for you, first thing first, you are advised to search for the providers which offer cards to individuals with bad credit. If you have no idea where to find, you are recommended to search for banks, online financial institutions, retail stores, etc. through advertisements. There are providers which offer secured and unsecured cards to their clients based on their credit reports. If you have banks or financial institutions which you are familiar with, go ahead to apply from them. You can apply for Visa, MasterCard, Discover or American Express as they are accepted both nationally and internationally.
- Compare the offers among different providers. They vary from one to another in terms of service fees, credit lines, interest rates, etc. You are reminded to read all the rules and policies carefully before submitting your application. Spend more time and effort to look for providers which offer the best terms. You should apply for unsecured one first. If your request is rejected, then only apply for secured card.
- In order to stand a higher chance to obtain a card, you are advised to get a co-signer for your card. Ask your family member or close friend who has good credit to assist you. If you don’t have someone who is willing to help, you are recommended to apply for a secured card. In this case, you are required to open a saving account and maintain it with certain amount of fund in the account. This fund serves as security for your line of credit.

After you have obtained the card successfully, you are reminded to utilize it wisely as the interest rate for the card is always high. Make sure that you don’t simply swipe the card and use up all the credit available on the card. You must bear in mind that the purpose of having this card is to repair your credit. Hence, you need to make your monthly repayment in a prompt manner. Don’t get trapped in financial hardship again.

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Negotiate for a lower rate with your credit card company. If you have a good credit history, you are a valuable asset to your credit card company. Call them and seek ways to lower your interest rate. This is often possible, but never advertised. If the interest rate you are currently paying is very high, imply you may cancel the card and go with a competitor unless they adjust your rate downward. It doesn't hurt to ask, and you may be surprised at the results.

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