How to Apply for a Credit Card With Bad Credit

Video Transcript

"How to apply for a credit card with a bad credit. Other than saying don't but I still have to give some advice as to how you may be able to achieve that. Probably the quickest way to being able to reestablish credit, which I believe this is what is talking about, would be, if you have a friend, relative, someone that trust you, that you trust as well, you may ask them to add you as an authorize user to the credit cards, and this way you would be- whatever transaction or anything that they do, would to show up on your credit report. Then again, you have to trust them that they will make the monthly payments on time without being late as well. Now the other options that you may have is to get a co-borrower, you put out a personal credit application like this, or even if it's a business one, you may need to have a co-borrower with you to apply for that credit card and send out. And obviously the co-borrower has to have pretty good credit, and descent credit and not too much of it, so you'd be able to qualify together and hence you reestablish credit that way. The third and final way, if all the other two avenues do not work out, then would be to approach a bank and ask them if you can apply for a secured credit card account. Now what the secure credit card account requires, would be for you to put a sum amount of money down, it could be a hundred dollars, 200 dollars, 500 dollars, or whichever you can afford to put down, which is going to secure that credit card that has been issued to you. Now with that credit card, you would use it exactly just like any other credit card that has been issued to you, the only difference is, if you do not pay, and you default, then your cash is pretty much gone. So that would be the third and final way for you to go ahead and do that. And obviously with the secure credit card, make the payments on time, do everything on time, and over time, the credit card company would then make it un-secure, and refund your money back to you."