How to apply for credit card with bad credit?

Posted by admin on August 23rd, 2008 at 12:00am

Question:
Does getting a credit card with somebody with good credit help you slowly rebuild bad credit?I used to have credit cards in which where sent to collections about 3 years ago. I’ve applied for credit cards, but they all deny me due to my tribute history. I was told if I have someone who has GOOD credit add me in their credit card account then that would help me discuss my credit score.

Answer:
-Try doing the opposite. See if you can get someone with good credit to co-sign on your loan or credit card.

Co-signers more often than not do not benefit as much from a good credit history, but sure get in dilemma if there is a missed payment or default. It can ruin the co-signer’s credit.

If you have a friend who will co-sign your card or loan, it will help you more. I did that with a friend who filed for liquidation, and had a very difficult time getting credit. They needed a credit card to reserve a hotel, buy plane tickets, or general emergenci!
es. I had super good credit, so the credit card company had no problem giving us a card. It helped her pull out of bankruptcy.

-It depends on the policy of the company. Some will only report you as an “Authorized User” if you are family. You need to call the company and see what their policy is on reporting “Authorized Users”

Oh, and ignore the user talking about “prepaid” credit cards. They are a waste of your money in transaction fees and they don nothing to build your credit. Get yourselfa checking/savings account with a VISA debit card. Most banks have some type of “free” account.

Under Credit Card For Bad Credit