Bad credit will impact your finances in a variety of ways. For example, you may assume this will make it impossible to secure a credit card. While it may throw a wrench into your plans, it’s not the end of the world. You have options available.
In short, you can get a credit card with bad credit. It may not be easy, but with the right approach you’ll find yourself inching closer to your goal.
Here are three things to keep in mind:
1. Don’t be Overly Selective
You shouldn’t apply for a credit card just to do so. You should apply for a credit card because of what it can do for your finances.
So, if you don’t find something that suits you, it’s best to take a step back and reassess your situation. However, you shouldn’t be overly selective, as your bad credit will narrow your options.
The best thing you can do is scour the internet for bad credit credit card offers. See what’s available for someone in your position. Compare the pros and cons. Read reviews from other consumers. All of this will help you decide what to do next.
Be selective, but don’t be overly selective.
2. Consider a Secured Credit Card
There are two basic credit card categories:
A secured credit card is one that requires a security deposit. This allows you to open an account. It also acts as your credit line.
By offering a security deposit, the credit card company takes on less risk. They know they can always keep the deposit should you default.
3. Features Still Matter
Even if you’re hoping to secure just any credit card, you shouldn’t overlook the importance of finding one with a strong feature list.
Ask questions such as:
- What is the interest rate?
- What type of customer support is available?
- Do you have only account access?
- What type of safety and security does it offer?
- Are you able to obtain a credit limit increase with responsible use?
Don’t sell yourself short. Even though you may not get everything you want, you should be able to find an offer with some features that excite you.
Along with the above, consider other options that are available to you, such as asking a loved one to co-sign on an unsecured credit card.
This improves your odds of approval, as this person is on the hook for the account balance should you stop paying.
The simple answer is yes. You can get a credit card, even if you have bad credit.
If you find yourself in this situation, the three details above should help you find an offer that best suits you.
As time goes by and your credit score increases, you’ll find yourself in a better spot. At that point, you can decide if it makes sense to ditch your current card in favor of one that has more to offer.