Have you come upon hard times financially and you are having a hard time getting approved for a credit card? Lately this has been a common scenario among many people in our nation and this is because of two things and they are the unscrupulous lending practices of credit companies, and the habit we have developed to live beyond our means, and because of this credit card companies have tightened up the qualifications needed to get approved for a credit card.
In this article we will talk about ways for people with bad credit to get approved for a card.
Most of the big credit companies have a special section that give credit card approvals to people with bad credit but they come with major stipulations.
Most of the times you are going to end up paying between 18% and 35% on your monthly balance, so there better be a good enough reason for you to need that money asap because you are going to be paying for it for a very long time.
Some people actually apply for these types of cards just so they can help to build up their credit score.
Once your FICO score gets to below 700 most credit companies will probably not issue you a standard card, which means you have to go for one of these high interest rate cards that are tailor-made for people with bad credit.
It should take about 12 months to do this but after you are done your credit score will be bumped up a good deal and you will be able to apply for a standard card.
Just remember when you are paying off your monthly balances on one of these cards that you do not miss the payment deadline, because if you do your interest rates will be bumped up to more than 40% which is four times more than the average credit card charges.
In other words you will be paying off the interest on the debt of your credit card for many years to come.
The credit card company will also charge you an additional fee of between $35-$45 for each time you are late on a payment.