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Credit Cards For Bad Credit

Credit card for bad credit?

How many times it has happened that you have a bad credit now but you still would like go for a credit card? The credit card and the loan companies take your past credit into consideration at the time of issue of the loan or the new credit card. In case you have a bad credit, then they may not consider the option of making you their customer as the risks of non payment of dues in your case is more.

How to apply?

However in the UK having a bad credit wont be an obstacle for you from getting a credit card. However it will be a little difficult. You should first apply for credit card at smaller retail stores. This is because these small companies will consider giving you a credit card even if you have a past bad credit record. In case your application is accepted, then at least make a small purchase with your credit card every month and then make the minimum payment at least on time. In case you pay more than the minimum payment, then you will be charged less interest rates. Also consider going to your bank or credit institution where you are already a customer. They may issue a new credit card as they already have your business.

If everything fails, then you can apply for a secure credit card where you will be required to open and maintain a savings account as security for your line of credit. Your credit limit will be a percentage of your deposit. The alternative is to get your friend or relative to co own the credit card with you. Always pick up a person with good credit because in case you are not able to make your payments on time they will have to pay back the dues. But this will appear as a blemish on their credit rating. While you are trying to get a new credit card, you should keep paying all your bills on time. You should have not more than 3 credit cards at a time. You should preferably keep one or two credit cards with a small limit and one credit card for bigger emergencies. It is often observed that when you take a credit card of one company, the other companies will come knocking at your door trying to sell their credit cards too.

Other tips

You should never get your credit card from a single store. Always get your credit cards from reputable companies like Visa, American Express, MasterCard. Also do not get a credit card which has annual fees as there are lots of credit cards in the market which do not have annual fees. In case you are denied a credit card, then you have a right to demand why the issuing company is denying you a credit card. You can request a copy of your credit report to check what is in it.



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