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Credit Cards for Poor Credit Scores

Overspending, a week economy and a startling number of bankruptcies have many consumers licking their wounds. Starting over financially is no walk in the park but is a necessity to get back on your financial feet. The game plan now is to show creditors that you can be responsible in a number of ways but how should you get started?

Obtain a Credit Card

This may be easier said than done. Many lenders will reject applications for credit from those will poor credit. But that doesn't mean you're out of options:

Don't Over Apply

Simply enough, if two or three credit companies have rejected your credit card application don't continue with more requests until your credit history improves. Each time a credit check occurs you potentially impact your credit score. If you can't get a credit card today but need access to a Visa or MasterCard, start with a prepaid card where credit score is a nonissue. This will get your through the rough period and help create responsible spending habits.

Establish a Payment History

Once you're able to gain access to even a very small line of credit treat it with the upmost importance. Demonstrate that you can make monthly payments on time each month and spend only within your credit limit. This practice done consistently will eventually earn you a larger line of credit at cheaper interest rates. Payment history is one of the top contributing factors to your credit score and is a large factor is gaining the approval of future lenders.

Unfortunately you can't wave a wand to magically place an unsecured credit card into your pocket. But there are options out there for those with damaged credit. If you're having trouble obtaining a credit card look for prepaid and secured options until your payment history improves.

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