Tips on Applying for a Bad Credit Credit Card

There are millions of people struggling with bad credit every day. From missed payments to bankruptcies, people are working to move beyond their bad credit history. If you are one of those that have no credit or bad credit, you may wonder how to get a credit card. There are differences between having bad credit and having none at all, but the methods for acquiring a credit card are very similar between the two. Here are some tips on acquiring a bad credit credit card.

*Look in your mailbox. Unless you have chosen not to get preapproved credit card offers, you should get a few here and there. Read the small print carefully, and see if any of the cards can meet your needs.

*Do an online search. The internet abounds with credit card offers for those with bad or no credit. Search with terms like "secured credit cards" and you will be directed toward cards that can help you rebuild or establish your credit.

*Inquire with your bank. There are many banks offering secured cards for those with no or bad credit. Secured cards are those that are opened after a deposit by you. The deposit amount is usually between $200 and $500. After the deposit, you will have credit in that amount. Simply use the card as you would any other credit card, and after a set time (usually a year) you may be able to get an unsecured credit card.

*Ask at college bookstores. Card companies market aggressively to students, who usually have no credit at all, by pushing cards with an annual fee.

*Ask for recommendations from friends and family. If someone you know has climbed back from having bad credit, or has established it where they had none before, ask them how they got it done.

As you probably already know, having a low score or lacking credit history can make it very hard to get lines of credit such as car and home loans. Lenders and credit card companies like to work with those who have good credit histories. When you have poor credit, lenders don't want to work with you. However, you can use the tips below to get a card that will suit your needs.

1. Establish a steady source of income, and make sure you can afford to pay your credit bills. The issuer of your card will ask for information on your job and how much money you make. Missing payments or paying late can damage your credit score, and having a steady job will ensure that you can make payments in a timely manner.

2. If you do not have one already, open a bank account. Having a savings or checking account will boost your chances of getting a credit card through your chosen bank.

3. Ask the bank for a secured card application. If you have bad credit, these are much easier to get than standard credit cards. Ensure that your bank reports to the three main credit bureaus; this will help you establish or rebuild credit.

4. Make a deposit. While they are easy to get, secured cards come with additional fees for account setup and maintenance, as well as the security deposit. Budget for this before you apply for the card.