Many people who have had problems keeping up with their bills and credit card payments in the past are afraid to apply for new credit because they are sure they won’t qualify anyhow.  However, bad credit does not mean that you cannot be approved for a loan or credit card.  You will not have as many options as someone who has good or excellent credit, but there are still credit cards available that you might be able to qualify for.

Before you start to apply for credit cards, you should do a little research to find out what the qualifications are.  Your credit score goes down a little bit each time you apply for financing, so you want to be reasonably sure that you can qualify for the card before you apply.  Don’t apply for more than two to three cards at a time.  It would be even better to apply for just one at a time.  Make sure the cards you apply for are intended for people with low credit scores.  That way, you will be more likely to be approved.

Although your credit score is always taken into consideration when applying for a credit card, it is not the only factor.  Lenders consider the number of late payments on your credit report, the amount of credit you currently have, and the total amount of your debts.  Other factors that come into play are the length of time you have been employed at your present job and the percentage of your monthly income that is required to cover your debt payments.

Having a credit card available to you can be helpful even if you do not really plan to use it.  No one ever plans on having emergencies, but somehow they crop up anyhow.  If you have a credit card that is set aside for emergency use only, you will be able to use it to pay for unexpected car repairs or medical bills.  Even though a credit card for someone with bad credit will have higher fees and a higher interest rate than a regular card, it is worth having one for the peace of mind that comes from knowing that you are covered if something goes wrong.  It is far better to pay a high interest rate to get your vehicle repaired than to lose your job because you couldn’t get to work.

If your credit is really bad, a secured credit card may be your only option.  These cards require a deposit, and you borrow against your deposit.  You are basically borrowing your own money and paying the credit card company a fee for the privilege of doing so.  That may not sound like such a great thing, but every time you make a payment on that card, it will be reported to the credit agencies just as if it were a regular credit card.  This means that the secured credit card can help you rebuild your credit and allow you to eventually qualify for a regular card.