How to Get a Credit Card if You Have Bad Credit

Series Summary

Personal finance is the application of financial principles to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time while taking various financial risks and future life events into account. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies and income tax management. In this free video series, a registered financial consultant provides advice for managing money and taking care of personal finances. Discover how to get a credit card with bad credit, how to figure out a car payment, and how to get a personal loan with no credit history. Find out how to establish credit with no checking account, how to fix a FICO score, and how to get a checking account. Get tips on working with a budget and managing credit cards in these free videos.

Video Transcript

"This is Patrick Munro on how to get a credit card if you have bad credit. If you have bad credit and you seek a credit card there's a good reason. Most business and services now a days would want you to have a credit card. Well you have a problem if you have bad credit because then you can't get a credit card but there is a tool out there it's called an asset based credit card. Various companies offer these they charge a small service fee to carry their card and it has a Visa and Mastercard logo on it. What you do essentially is take cash money that you have and send it to this company, they deposit it into an account that is connected to this card that you have in your wallet. So you really when you are using this credit card you are using your own money. And the bill it comes, it needs to be paid back with more of your own money. So this is a way to constantly build credit and once you do this successfully and the company monitors it, they will put in their own money, therefore you now have a true credit card. In a period of time and results in you getting credit cards without credit. This is Patrick Munro financial adviser."