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Article Title: 10 SureFire Ways To Get a Credit Card When You Have Bad Credit
Author: Bobby Tan
Category: Banking, Credit, Personal Finance
Word Count: 742
Keywords: bad credit card, bad credit cards
Author's Email Address: [email protected]
Article Source: http://www.articlemarketer.com
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In today's economic climate, it's become nearly impossible to find a credit
card issuer willing to cater to people with bad credit. Among the few financial
institutions that do offer bad credit cards, many have tightened their
qualification guidelines for approval.
Although it's easy to qualify for department store or gasoline credit cards
when you have bad credit, a secured credit card is still one of the best ways
to rebuild your credit. In order to qualify for a secured credit card, all you
need to do is deposit money in a blocked bank account to guarantee the line of
credit.
To literally guarantee your odds of obtaining a secured or bad credit card, you
have to take proactive steps prior to submitting your application. Study each
credit card application carefully. When you've finally narrowed your decision
down to one or two particular bad credit card applications, it's time to take
10 important steps to ensure your application will be approved.
1) Repair Your Credit File
If you have a bad credit file, obtain copies of your credit report from all
three credit reporting agencies and work on removing incorrect derogatory
information before you apply for a card. This will increase your chances of
obtaining a card, especially the easy qualifying department store or gasoline
company ones. Review your debt to income ratio. Banks don't want to see you
apply with high fixed monthly obligations exceeding 32-36% of your monthly
income.
2) Apply With Banks Specializing In Bad Credit
Select secured credit cards from banks who aggressively market to individuals
with bad credit. They want you as a customer and you're pretty much guaranteed
to be approved. Another excellent way too find credit cards for people with
bad credit is to ask family and friends who have been bombarded with offers of
secured credit cards. You can also check with the financial institution where
you bank and see if they offer a secured credit card.
3) Use the Same Name
Be sure to consistently use the same name on all your card applications. For
example, don't use your middle name on one application and not another. Also
pay attention to generations like Jr. and Sr.
4) Beware of Multiple Applications
Don't submit more than two to three simultaneous applications within a 2 week
period. Multiple inquiries into your credit can lower your credit score and
give banks the impression you're desperate because other financial institutions
are denying you credit.
5) Apply for Easy Qualifying Cards
Take advantage of pre-approved department store, retail, and gasoline cards.
They are easy to get and provide an excellent lift to your credit history. Be
sure the bank reports your transactions and payments to your credit report.
Being responsible with timely payments on these card will definitely earn you
an opportunity to obtain an unsecured credit card within 6-12 months.
6) Honesty Pays Off
Be honest on your application about previous financial problems beyond your
control. Most bad credit card issuers are willing to overlook a bad credit
history if you can document extenuating circumstances such as medical illness
or a job loss.
7) Make Sure Your Application is Complete
Accurately complete the entire application to the best of your ability. A good
strategy for a professional looking application is to type it out. List down a
checking or savings account. Banks prefer their applicants to have some kind of
established relationship with a financial institution.
8) First Impressions Count
Present yourself as a responsible applicant with a promising career. While you
don't want to lie on your application, don't minimize your job title if you can
express it more professionally.
9) Diligence Pays Off
Don't give up if you are denied a credit card. Contact the credit card company
and find out why you were denied a card. Then take efforts to correct the
problem by contacting the credit bureaus. Find out from the bank what it would
take for you to qualify for a bad credit card. Don't give up!
10) Timing is Everything
The best time to apply for a bad credit card is when your job situation has
been stable for a while, you've lived at your present address for at least a
year, and you haven't had many credit checks recently.
Even though your secured card options may be fewer today, you can almost
guarantee the odds of your application being approved just by following these
10 important steps. Once you receive your new secured credit card, use it
responsibly and watch your credit score improve.
Bobby Tan is a debt consultant helping people resolve bad credit issues. Find
Bobby's reviews of the hottest bad credit cards at Bad Credit Card Tips web
blog.
Get Bobby's free 33 Days To Near AAA Credit course. Click -
http://www.badcreditcardtips.com
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