Finding Credit Cards For Bad Credit Rating

If you need a credit card but can’t qualify for a conventional visa or mastercard, then you are likely looking at credit cards for bad credit rating. Let’s examine what kind of credit card for bad credit rating that you can get and what options are available to you, as well as what a bad credit rating is, how to find out what your credit rating is for the specific type of loan that you are trying to get and how to improve your credit rating so that you can qualify for better interest rates and higher loan amounts and credit limits in the future.

Credit cards for people with bad credit rating are available in several different forms. But before we get into some options about what type of credit card you might qualify for, first let’s talk about your credit rating and what the credit score number means exactly. Your credit score, or rating, is the number assigned by the credit bureaus to show how great of a risk you are. Generally, your credit score will be from 300 to 850. The higher the number is, the better. If you have a credit score of 650 or above, you are considered a medium to low risk for creditors in most cases.

Your credit rating can also refer to the score assigned to you by the finance company within their specific system to determine whether or not you are eligible for a credit card or loan through their company, or for pre-approval. If you get a number that is between 300 and 850 then it is likely that you are looking at your FICO score from an individual credit bureau. If you apply for credit cards for bad credit and you get a number in the thousands, such as 1045 then you are likely seeing the internal score that the company assigns you and you will not know what this means unless you ask your representative.

Are applying for many cards bad for credit rating? Well, yes and no. You can apply to several different finance companies for one loan, and only have it count as one inquiry. However, if you simply start applying for many different types of credit hoping for approval, then you will likely see an an eventual decrease in your credit score. You can have up to twelve inquiries in a twelve month period without affecting your credit score. However, as mentioned, if you apply at twelve different mortgage companies, and it is obvious that you are trying to get a mortgage then this will usually only count as one inquiry.

The bottom line is that if your score is borderline or if you simply have no credit then you have a chance of getting approved for a credit card. However, this will depend upon your income and time on the job and at your current address as well as any additional debt that you are carrying. If you cannot get approved for a credit card by conventional means then you may have to go with a secured credit card until you can build your credit up to the point where the secured credit card returns your deposit, or you get approved for a regular credit card.