Getting a Credit Card with Bad Credit

When credit card issuers decide to accept an application, it is after they have made three crucial considerations. One, your credit report, which contains details on your bank accounts and borrowing history; two, your employment status and whether you are working full-time or part-time; and three, your income, which can include your salary and other earnings you have.

If you have bad credit, you probably know why - you missed payments, paid late, defaulted on some loans, exceeded your overdraft, exceeded your credit limit, got rejected by other creditors, or filed for bankruptcy. You may feel desperate, but should you? Can you still get a credit card even if your credit history is less than decent? View more  CardGuru

The good news is, YES! Most certainly, you can get a credit card even with bad credit. In fact, there are providers who cater specifically to people who are in your exact situation. The credit cards offered by these companies work pretty much like regular ones, but as you might understand, there are important differences too.

For example, a credit card for someone with bad credit would usually come with higher interest - at least 30% - plus lower credit limits and not very exciting perks. Don't worry. If you pay your entire balance every month, you won't have to spend for interest and that will keep your costs down.

So how do you choose a credit card, considering your current financial circumstances? First thing to get out of the way is whether a provider offers accounts to people with bad credit. Remember, not all of them do, so make sure you clear that up before moving forward.

Also check their minimum age qualification, which is not always 18 by the way (sometimes higher), and their minimum income requirement. In fact, you'll want to check on all other details before applying so you don't end up wasting your time and effort. More  details

As soon as you know which cards you can apply for, go for the one with the friendliest interest rate, because this will obviously impact the amount you need to pay every month.

Lastly, if you get denied, don't reapply right away as this could hurt your credit record even more. You see, every time you apply, someone's going to pull your credit score and that can only drive it down further. Instead, try applying for a credit building prepaid card in the meantime. You'll be glad to know that some issuers do not even conduct credit checks. And when you do get approved, you can begin to work on your score by paying your debt on time and in full every month.