How to Get a Credit Card With Extremely Bad Credit
If you need the buying power of a credit card but don't have the credit score to qualify for an unsecured card, you can find a creative way around the issue. Purchasing a secured credit card or a prepaid card allows you to have a credit card for purchases. You can get a credit card with extremely bad credit with some planning and cash.
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Instructions
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Visit a local bank or credit union and inquire about prepaid credit cards. Many banks and credit unions offer prepaid cards that may also be called "gift credit cards," enabling you to pay a teller the amount you wish to have as your limit and then use the card. Prepaid credit cards can also be found in drugstores, department stores and online.
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Research a list of secured credit cards to see those you can obtain even though you have bad credit. These credit cards don't inspect your credit history when issuing the cards. Instead, they require you to pay an annual fee along with the amount you wish to maintain as a limit.
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Determine what credit card company to utilize. List the qualities you seek in a credit card. Consider if you need a secured credit card that reports payments to the credit bureaus, has a low interest rate, a low minimum initial deposit; or perhaps a prepaid credit card that offers low fees for reloading or allows you to accept direct deposit to the card.
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Read the application materials for information on costs to set up a secured credit card. This is the amount you will pay to the credit card company as a fee to use its services.
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Fill out an application either on the company's website or by requesting that an application be mailed to you. Provide personal information, including name, phone number, address and Social Security number on the application form. Write down the amount of credit card balance that you would like to have on the card and sign the form. If you fill out the application on the company's website, you will receive an account number and a confirmation number. Write these numbers down for your records.
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Write a check or purchase a money order for the amount that you would like to have as a limit on the secured credit card and send the payment plus the amount of the setup fee to the credit card company with your signed application. Buy your prepaid credit card by visiting the store or bank that offers the card and paying cash for the amount of the limit plus the fee for purchasing.
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Wait two to four weeks for your card to arrive in the mail.
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Tips & Warnings
Rebuild your credit with a secured credit card by paying your bills on time and by maintaining a low balance.
Secured credit card issuers can change secured credit cards to unsecured cards and increase credit limits to those who repeatedly show they pay their credit card bills on time and maintain low balances.
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