You receive yet another piece of unsolicited credit card offer with an outrageously low interest rate. A rate that puts your current credit card with the interest rate at 18% to shame! You want to apply but you know with your credit score approval will prove to be impossible. So, how can you get a low interest rate credit card even when you have bad credit? Here are 3 ways you can achieve that goal.
Become a signer on someone else’s card
Get a secured credit card
urging you to apply for a shiny new credit card offer in the mail. There are times that you may be looking for a credit offer, but not all the time. Always rip up any credit card offer that comes through the mail. Many people with poor credit make the mistake of applying for credit cards that come thru the mail thinking they have been “pre-approved”. Unless it says YOU ARE ALREADY APPROVED. Don’t apply. In most cases it will say, You MAY already be approved.
How To Get A Good Credit Credit Card When You Have Bad Credit
A co-signer is a good way to get your first credit card if you have yet to establish credit. Anyone with established credit can be your co-signer.They must be willing to sign stating they will pay for your balance if you do not pay it. This is a good method that is effective in helping individuals to obtain their first card so that they can start building credit.
Different Types Of Credit Cards
Department Store Credit Cards: Only apply for store if you shop with often. When a retail store inquires about your credit prior to opening an account, an inquiry is noted on your credit bureau report whether you are approved or not. Too many inquiries into your credit can lower your overall credit score.
It is not wise to obtain a credit card the moment you become old enough to do so. Although this might be what most people do, it’s in your best interest to learn more about how credit works before you make this decision. Spend some time living as an adult before applying for your very first charge cards.
Have a list you keep of all your credit card accounts by number as well as lender’s contact numbers. Put the list somewhere safe, that is in a different place than your credit cards.The list will prove invaluable if you lose your cards or stolen card.
Many experts believe that the maximum limit for your bank cards should not be above 75% of your total monthly salary. If your balances exceed one month’s pay, you need to pay it off as soon as you can. This is because of the amount of interest you pay can quickly get out of control.
Do not close active credit accounts at once. Although you may think doing this will help you raise your credit score, closing accounts could actually harm your score. The fewer accounts you have open, the less total credit you have available, while the amount you owe remains the same.
You do not want to switch credit accounts unless it is absolutely necessary. The amount of time you have had credit available to you is a factor in your history with a creditor is one factor in your credit score. Keeping a strong credit history.
There are lots of great aspects to credit cards, as they facilitate greater financial freedom and provide purchasing power. If you use them with care, they can be very beneficial. But if you use them carelessly, you can seriously damage your credit score. The piece you have just read included great ideas for making smart credit card choices and sidestepping credit dangers.