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There have been so much talk of credit scores and credit rating leaving many people confused and wary about credit card applications. The credit score can fall anywhere 600-900 and in most cases a score above 700 will allow people easy qualification for almost every kind of credit card in the market. However the point of contention remains that for those with a score below 700 fewer options are available. In the current economic scenario, credit has become invaluable and more difficult to get. There are numerous regulations and requirements in place with banks scrutinizing customers more carefully than ever. There are numerous people who have a bad credit score below 600 and can still get a card, but of course they will be required to opt for a secured one and improve their scores first before trying to get an unsecured one later on.

There are varying factors affecting each person's application for credit. There may be numerous credit enquiries on your report which indicates you have been shopping around, hence a consumer with a lower score may be approved for the same card you tried to get. The more risky scenario is applying for credit following a bankruptcy. Bankruptcy can lend a bad blow to your credit score and your chances for credit are indeed close to none. However there is a possibility of being able to get approval for an secured credit card and build your score as well.

It is important to know that there are very strict proceedings in place following a bankruptcy and people have to tread carefully. Following discharge of the bankruptcy, it will remain on a person's report for the next 10 years. Moreover the bankruptcy may have lowered the score to 400 or lesser depending on how the individual has been doing their payments. All these factors can prove detrimental to getting credit immediately and if there is a possibility for a card, it is quite normal to have a high interest rate to deal with. There is essentially an annual fee on nearly all unsecured credit cards in today's scenario and lenders will be unwilling to provide any concessions to a known defaulter. It is wiser to improve the score before risking taking a high cost credit card immediately and having too many applications and rejections on your report.

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