There are a number of reasons why individuals apply for easy-to-get credit cards. One of the primary reasons is either because they have a terrible past credit history riddled with charge-offs and late payments.
More commonly, people who have filed a bankruptcy will look to re-establish their credit history and build a good credit score will often times look at these types of credit cards. These are usually referred to as “second chance” accounts. Due to your past history, most of the major credit card companies won’t even consider you for opening a credit account.
HOW TO OBTAIN EASY-TO-GET CREDIT CARDS
Surprisingly, even if you have bad credit, there are some options available for easy-to-get credit cards. However, a bad credit history will make it more difficult for you to obtain credit or get a loan for a large purchase until you re-establish your credit and improve your FICO score. One of the benefits of easy-to-get credit cards is that they can help you by enabling you to re-establish your credit. Here are some tips for obtaining credit cards:
Apply for credit accounts at smaller retail operations – these entities are usually more receptive to giving a person a credit card account. Should you be approved for an account, make a small purchase and then pay it off over a few billing cycles. Remember to pay more than the minimum payment in order to avoid excessive finance and interest charges.
Talk to your bank, credit union, or savings and loan – if you already have an account with one of these entities, they may be less reluctant to extend credit to you.
When all else fails, apply for a “secured” credit card – just remember that you will have to provide collateral in order to open this type of account. You may be required to open up a savings account so that the account is secured against you defaulting on it. Usually, they will afford you a credit limit that equates to a certain percentage of the deposit you made to open that savings account.
Ask a family member or close friend to co-sign for you – this is often a tough step as many people may be reluctant to do this knowing that you have had credit troubles in the past. Additionally, you want to make sure that whoever you select as a co-signer needs to have a good credit history.