At times, when borrowing gets out of hand and repayments are not done on time, you might find yourself in a situation where you can land up with bad credit.
Your FICO score show poorly and you can no longer qualify for a loan like everyone else.
Why? Well, when you have bad credit, it's not possible to get a credit card like a person normally can since you are at fault and the creditor will have doubts on whether you can make a repayment on time.
However, there are lenders who specialize in offering to people with bad credit.
Here is a look at how you can find bad credit credit cards: • Look into reputable lenders who offer cards to people with bad credit.
Check their interest rate and opt for someone who is well-known and whose interest rates are low so that you can continue using credit, but at a lower rate of interest.
• Smaller retail store offer the opportunity of buying on credit, so apply for credit cards with them.
If they accept you application, make a small purchase and pay about a minimum amount every month.
• If possible, ask someone close like a friend or a family member with good credit history to co-sign a credit card for you.
• Get a secured credit card, which requires you to open a savings bank account with some savings money.
The credit you get on the card with be a percentage of the amount in the account.
When you get a bad credit card, it is vital to ensure that all repayments are made on time as the purpose of availing such a card is to get credit balance on track.
Paying every month's due is necessary to show improvement in money management skills and also to get a better credit score, which can bring in the rewards of higher credit limit, lower interest rate and a good credit score.