Posted on Friday, 16th July 2010 by Eden Fryett
When you have bad credit, you’re going to find that your perks are kind of limited when it comes down to credit. What you’re going to find out is that when you head out and apply for basic reward cards, you’re going to get turned down.
So, what happens if you want to get a card that is designed for those looking for a balance transfer card? Is it easy to get one? I will be honest and tell you that most of the time it is fairly hard, but if you do the right searching, you may be able to get one.
1. Get your credit score. The first thing that you’re going to want to do is grab a credit score report. This report is going to be able to tell you what kind of score that you have. Technically, any score over 700 is going to give you a good chance at landing a great reward card.
2. Check with your local bank. When you apply online, you may find out that you’re applying for the wrong cards. This is something that you don’t want. Instead, you’re going to want to look into checking with the bank that you bank with. A representative there will be able to give you the hard facts on what is going to work best for you.
3. Work with your credit. My rule of thumb is if you get denied for about 3-5 cards, you’re just going to have to wait. Since many cards work on the same system, you’re going to find that the more you apply, the more inquiries you’re going to put on your credit report. This is something that you don’t want.
4. Consider a loan instead. Many people just think that the only way you can transfer a balance is via a credit card. What many don’t know is that you can head into a bank and ask for an interest free transfer loan. While many banks hold specials, your bank in particular may not have the deal. It never hurts to ask though.
You’re going to want to ask yourself, “Why do I need this card?” Are you going to transfer a car balance? Another credit card balance? There are some good reasons, as well as bad. You may find that you’re better off asking for a rate reduction, instead of wasting your time with a balance transfer card.
By all means, try to apply for a card, but if you find that you can’t get approved, you’re going to have to put patience on your side. By doing so, you’re going to find that you can get some great deals in the near future.
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Tags: Bad Credit, Credit
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