Credit Card For Poor Credit History
Posted by admin on May 26th, 2009 at 12:00am
Question:
Student credit card for poor credit history?
If I have poor credit and a number of late payments in my credit history, can I apply for a student card or a regular credit card for poor credit history?
Does anyone know how late payments affect the choice of a card? Thanks a lot!
Answers:
You will most likely have a harder time becoming approved for a student credit card. Because student credit cards are strictly for students with limited or no credit history, you could be rejected since you’ve already established a bit of credit and made these errors.
However, student credit cards are far more competitive and with fewer fees. Frankly, I would most likely take the risk of applying for the more ideal offer which is a student card. But if you’re concerned about the DENIAL and the INQUIRY in the credit report, you may want to go directly for a credit card for poor credit history.
The choice is yours.
Late monthly payments are one of the key issues in determining the credit score, along with the percent of existing credit you are using. All of these are larger factors than the remainder of your credit history.
If you do not already own a card, apply for a card but look around. The bank you pick for the card is not important so much as whether or not there are any monthly or annual fees connected to the account. The best situation is to get one that is free, but it can be hard to locate with bad credit.
When you get the credit card, and it should only be one, be sure you pay on schedule and keep the balance under 75 percent of the total limit and you will quickly increase your credit rating and heal your credit history.
You don’t require a credit card to do your things. It is possible to live in this world without building debt. Try living on a smaller budget than you earn and make your life more bearable by being debt free.