Getting Approved for a Credit Card Application for Bad Credit

I can still remember 7 years ago when I sent my application for an American Express card online. It took about one month for me to get approved. Nowadays it is a lot different. With instant approval, you usually get notice via e-mail of your acceptance within seconds of completing an online card application. If you have a good to excellent credit history you can even have an easy approval credit card application with guaranteed 10,000 limits or an easy instant approval student card, but what happens if you have a poor credit score? Are you bound to pay all your expenditures in cash? Absolutely not so don’t lose hope.

The first choice for individuals with bad credit score is to go for a “secure card.” There are some main card issuers who require applicants to make a deposit or what we call “secure cards.” If you have a bad paying background, the most logical thing to do is to save a little money to be used later on to “pre pay” a card. A secure card is a no credit card because the amount you can charge from the card depends upon the amount of your down payment. If you deposit, for instance, $5,000, then you can charge up to $5,000 only. Thus, there isn’t any actual “credit” being extended. Normally, these credit cards are marketed as no credit credit cards due to its quick and easy approval.

The second choice is to visit a “bad credit credit plastic” and find an easy approval unprotected credit, but they should try to resolve their poor credit issues and prevent further harm to their credit rating.

While there are a lot of poor credit credit plastic choices offered, they can do more harm if not utilized wisely. This is one way for the consumer to fix his broken reputation by creating updated payments on his bad card and eventually upgrading to the real credit card in the future. And also a poor card charges a higher interest rate because of the elevated risk to the issuer.

The third option would be to apply for a debit card. Debit cards are cards that will be used depending on how much money the user gets in the particular card. Consequently, the risk of running up credit card debt is nil. There are also no finance charges to deal with, only minimum fees for software, start-up and ATM card.

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