How to Get Accepted For a Credit Card

Acceptance for credit cards will depend on your credit rating standing. If you have good credit then you are practically guaranteed to be accepted. But if your credit report is not as good as you would like it then you need to take action immediately. First of all you need to see a copy of your credit report. You can normally request one copy per year for free and this information is the exact same that a bank and credit card Company would see once they do a credit search on you.

If you have a bad credit rating then all is not lost. You just have to repair this credit. The most damaging item to find on a credit report is CCJ’s or County Court Judgements. These are given to you because you have failed to pay back some form of debt. It could be a credit card or loan but after going through the procedure of repayment for some reason the debt is still outstanding. This is the last resort for the banks who have tried everything else to recover their money so they are forced to go through the Courts. If you have these then you need to borrow money or make some extra temporary income and pay them off in full.

If you cannot wait for the credit report to look much better and you need a credit card urgently then you have a further two options. You can purchase a pre-paid card. This type of card is funded by you so you are guaranteed to be accepted. You can only spend the credit you have on the card so there is no chance of you getting into debt. These pre-paid cards are not just very practical but they also give your credit rating a boost because you are constantly funding and using the card.

If you want a standard type credit card then you are going to get hit with a very high interest rate because of your bad credit. You can still get accepted fairly easily but remember you are going to be financially punished every time you use your card. The interest rates on these types of cards are normally 30-40% so you need to not only use them wisely but you must always pay off the balance each month. If you spend 100 on the card then you will have to pay back 130 or even 140 depending on your credit card rate. These types of cards should only be purchased in an emergency and are not he answer to controlling your current debt.

There are many ways we can rebuild our credit history over time. We want to accumulate as many positive points as possible so our credit report can be transformed. This may take 6-12 months but the sooner you start the better. Try taking out store cards. These are again very high interest rate cards but you do not have to spend much on them each month. The key is to repay the amount back every month. Never go into debt with them. You purchase small items which are affordable and you pay back the balance each month. These regular repayments will look great on your report.

Contracts are also a great way to get back some credit report respect. Mobile phone contracts are easily available. Take out a 12-month contract. You get a new phone and you use it within the tariffs that have been set. If you overuse it you are going to get charged excessively. Just use the phone each month within the tariff and make sure you pay the bill on time. Do this for 12-months and you are rebuilding your credit report with minimum effort.

Credit card acceptance always reverts to your credit report. Have a look at yours and start to rebuild it using the steps above. In no time at all you will be back in good credit standing and will get accepted for most credit cards.

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