Getting An Unsecured Credit Card For Those With Poor Credit Ratings

April 15th, 2009

stampsFor most folks with bad credit scores, getting an unsecured credit card will usually be out of reach.  While it doesn’t hurt to try, realize that more inquiries into your credit ratings will just serve to bring it down even further.  If you really want to try getting an unsecured card even at your present credit standing, just apply to one.  If it doesn’t work fine, just get a secured card, in the meantime.

Of course, you can use the secured credit card to start building up your credit ratings.  Just follow the typical guidelines for responsible credit card usekeep low balances (or zero, if you can manage it), always pay on time and never go over your credit limit.

According to most financial experts, people usually need at least three revolving credit accounts in order to maximize your credit score.  As such, it is highly recommended that you try to get two more cards after you’ve been using the secured one for a while.

Wait at least 3 to 6 months before trying to get a second credit card.  Similarly, go for a sub-prime card, as well, for your second account – it’s going to be far easier as your score is unlikely to have gained massive improvements yet.  After using both credit accounts for at least four months more, you can then apply for an unsecured credit card and actually have a good shot at getting approved.

Patience is key but the rewards should be worth the wait.

noel Posted in Credit Cards for Poor Credit

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