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You have a bad credit? A loop of unpaid bills haunts your past or you defaulted on a student loan perchance? Perhaps you declared bankruptcy a few years back, at worst. Let bygones be bygones for, no one on this planet can stop you from obtaining a credit card. Yet, the clauses mentioned above might hamper your way towards a major credit card, such as VISA or MasterCard. Bad credit history, not the only ground However, bad credit is not the only grounds on which you can be deprived of a major credit card. People, who have a no-credit-lifestyle and believe in hard currency, too can be denied a credit card. This does not anyhow imply that too much debt, a student loan, a mortgage, or car loans at your disposal are going to fetch you a credit card either. But the good thing is that no matter what the case, you can still obtain a credit card. Even if you declared bankruptcy in the past, you are still eligible for a VISA or Mastercard with a limit as high as $5,000; you just have to know the right company, for, a credit card might just be a call away. Hence, credit card comparison is very important. it is very vital that you compare your credit card facilities and features before making an application for the same. Obtaining a VISA or Mastercard can be little tedious if you do not know the right tactics. But before we reveal those secrets to your credit card, let’s first get acquainted with some other things that are a must know. Have you ever wondered as to how does a credit card company decide if you are worth a credit risk? Even though the disclosure that someone has been keeping an eye on you, for all these years, is not very pleasing, yet it is the truth. There are a number of agencies which keep a track of your borrowing and buying behavior. And so, when you send in an application for a credit card, the company seeks information from one of those agencies, who throw open your history and help the company know if you’ve had any bad debts in the past. So if you’ve ever walked away from a debt or defaulted on a bill, it’s time for a payback. Now, for all the ones who have deplorable credit, or no credit rating at all and have been turned down a zillion times by a million card companies, here’s what you can do. Before you apply for a credit card, ask yourself why do you need a credit card? Owing to your previous history of cards, the company too might end up asking you this, so it’s always better to improvise a little on the answer. Having convinced yourself despite your past problems with credit, seek a secured credit card. The underlying principle behind a secured card is that you pay cash upfront either to the bank or the company, which usually amounts from $200 to $2,500. You will then be granted a credit up to 150 percent of the amount of your deposit. For anyone who wishes to repair and revamp their credit record, try using a secured credit card for a few years. Secured cards are a very safe and liable way to keep a check on your spending pattern and earn a little money too. Yes, the money that you deposit will also earn an interest for the time it is held as collateral by your company or the bank. It is said, ‘there’s no such thing as free lunch’. Well, in case of secured credit cards, you pay for the lunch, and they treat you for dessert.
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