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How do i get a credit card on such bad credit, is it possible? |
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Date:
February 7, 2007, 9:28 am |
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How do i get a credit card on such bad credit, is it possible? |
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Answer:
Well, actually, it's difficult to give a definite answer, as you do not mention your credit score. I think, the most reliable way of getting a credit card in your situation is filing a secured credit card application (in case of bankruptcy it’s the only possible variant for you). To be approved you should make a deposit as collateral for the credit. Your installment can vary from $500 up to a thousand or two, and therefore, you will be able to use the credit limit of the same amount.
You can prefer another variant – a co-signer credit card. If a friend or relative of yours possesses a good credit and agrees to be your co-signer and the guarantor of your payment, you’ll be able to use a good credit limit and can accumulate points for your credit score. If you go this way, your co-signer should fill out a good credit card application to obtain a card for good credit.
Unsecured credit card (with higher fees and rates to compensate the bank’s risk) can also be your choice, if your income is enough for it. When you pay off bad credit cards, you’ll become eligible for fair credit cards, then good and excellent cards. |
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