Are you someone who is having trouble getting approved for a credit card because of a poor credit rating? Did you know that every time you apply for credit your score decreases? Not to worry. All you have to do is make a commitment TODAY to work towards improving your credit score. Then follow the steps below to climb out of the "bad credit pit."
Step 1: Assuming your credit is beyond the point of being approved for most credit cards, apply for a secured credit card. You're guaranteed to be approved because they work by prepaying your balance. Personally, I like the New Millennium Bank Platinum Visa®/MasterCard®. It reports to all three credit bureaus and comes with some interesting benefits.
Step 2: After about six months of faithfully using your New Millennium Bank Platinum Visa®/MasterCard® start applying for unsecured credit cards that offer low (or even 0%) balance transfers. You're going to want to ask for the highest limit possible because you're going to transfer most (if not all) of your debt bearing the highest interest rate. For this I like the Chase Platinum Visa® because it has a 0% balance transfer APR for 12 months and a low rate after that.
Step 3: Keep paying as much as you can each month. Also, do as many 0% balance transfers as is necessary. If you get to the end of the 0% period, transfer it again. You may have to pay a fee but most cards max out the fee at $75, which is most likely less than the interest you'll pay over the course of that year.
For a list of good balance transfer credit cards visit: Credit Card School.net
Step 4: Look high and low for your credit card debt. Bet you can't find it, can you?
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