The content is accurate at the time of publication and is subject to change.
A bad credit history is detrimental to future opportunities. This happens because the history will be the basis of companies when deciding for your worthiness to be lent with money. Once the companies have detected that you are not responsible with your accounts, then they may either turn down your applications or just block you from other opportunities. This is painful to any consumer especially today when credit is one primary way to get through financial predicaments.
But having a bad history will not totally mean any more chances of getting a credit card. Once you shop around good companies, you will surely fall in the hands of issuers who will not take advantage of your situation. When applying, you will still need to provide identification and other proofs that you can pay for your obligations. It is best for you to apply at smaller retail stores or companies which might not offer you big special discounts but will fairly give you the interest rates commensurate to your application. Be aware that you won't be suffering as before when you pay more than the required minimum payment.
Bad credit history will be compromised if savings companies, banks and other credit unions will see that you have managed to come up with a business. They will be willing to lend you and forget about your unpleasant financial engagements in the past if you are already able to rise again and come up with a business. Things may not be the same, though, from the time you had your first applications. Issuers may still impose security requirements by asking you to open a bank account with set maintaining balance given that a portion of your deposits can be allotted to your credit card.
If you still find it hard to convince the issuer that you can do good this time around, you can seek for friends and relatives to stand beside you and act as witness or co-maker for your credit car. This can be enough assurance that your credit could be paid because another person has signed to assume the responsibility in the worst case scenario.
A bad credit history can be fixed. Anybody could grab a second chance. You can always have another credit card as long as you do everything to manage it well this time. Second chances are still open for those who have learned their lessons and will not repeat the same mistake.
