Credit Cards With Poor Credit
Posted by admin on January 22nd, 2009 at 12:00am
Question:
Can I get business credit cards with poor credit?
I have a poor credit at the moment, but I would like to apply for business credit cards for my business uses. Where can I begin? What are my options?
Answers:
It is possible for you to apply for business credit cards with poor credit. You should expect then that your beginning business credit limits are lower, with a much larger interest rate.
It is more simple to establish business credit if you have a decent credit. I would recommend to fix your personal credit beforehand by paying your bills on schedule. Check the three major credit bureaus, send dispute letters if there are any mistakes regarding your record. In the future, if you always pay on schedule, they’ll raise your credit limit and it will be more easy for you to apply for business credit cards with poor credit.
If you are not already receiving offers through the mail, start looking online for applications; Later on, and it could take up to a number of months, you may receive offers for a “no annual fee” credit cards with poor credit. Begin applying for these cards.
Once you obtain that, most likely with a low limit like 250 or 500 dollars, start by doing small purchases. The point is make sure you send you payment ahead of schedule each and every month.
Do not ever miss a payment or issue one with insufficient bank funds.
After a number of months of on time payments, they will increase your limits.
If you have money right now, what you could try doing is walking into your bank and ask about a secured credit card. You put down a deposit, say in a short term deposit and the bank isues you a credit card with a lower credit rating than your deposit. If you keep up a good history with the credit card, in about six months to a year the bank might get rid of the requirement for the security deposit. I have gone through this a few times in the past.