Many people assume that if you have bad credit, it's nearly impossible for you to get a credit card. This couldn't be any further from the truth. However it does take a little more work and might require you to pay higher fees. Here are some tips for finding a bad credit charge card that's right for you.
Friends or Family With Good Credit
If you have friends or family with good credit, the can co-sign for a credit card with you. You'll definitely want to be sure to pay your bills on time since their credit will be on the line as well as your own. But since their good credit history will allow you to qualify for a card, this can look particularly good in the eyes of the credit bureaus and can be a super strategy for boosting your credit rating while also getting a new credit card account.
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Local Retail Outlets
Try applying for cards at local retail stores rather than the large banks. Retail merchants will probably be more likely to give you a chance and their criteria are often less strict in terms of how good a credit rating you must have in order to qualify. They might limit your credit line or charge you a higher rate than if you had great credit, but you should still be able to get a credit card from some of them.
This can work in the short term, but in the long term, you really want to have access to a card that can be used anywhere, rather that just at the local clothing or electronics store. Ideally you'll have a standard Visa, Mastercard or similar brand card but a local retail card can act as a stepping stone to one of those cards if you're unable to qualify for one initially.
Local Banks Rather than Large Banks
In the same manner as local retailers, smaller, local banks might be more willing to work with you and extend you a credit line. However, they might require a secured credit line, where you'll need a savings account or some other collateral which will determine your credit limit.
In general, it's a good idea to avoid larger banks. They have so many potential customers and such stringent qualification requirements that they will probably be less likely to work with you if you have severely damaged credit.
Online Credit Card Offers
You can find several good credit card offers online, even for people with bad credit. The best offers include unsecured credit cards such as Visa or Mastercard offers and are offered with no credit check or other hassles as long as you meet some basic, minimal qualifications. They can be difficult to find, but well worth it, especially if you have bad credit. However, these cards should be used as a way for you to get back on your feet and re-establish your credit, not for gratuitous spending.
Whichever option you choose, be sure you pay off your card on time. Since banks are offering credit lines to you regardless of your credit, they are likely to have pretty high interest rates. But as long as there's no annual fee and you don't carry a balance, the interest rate doesn't matter. If you do have to carry a balance, try to pay it off as quickly as possible and don't carry a balance more than half your credit line.
Pretty soon, you'll see your credit rating increase. You'll be able to easily apply for another card with better terms, leaving your old bad credit charge card in the past but thankful that it allowed you another chance to improve your credit.
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