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Can You Get Credit With Bad Credit?

By: Michael Millington

Credit is always a mystery to deal with when it comes to fixing it. You need credit to fix credit but bad credit won’t let you get credit. This kind of credit logic leaves people feeling stuck, frustrated and hopeless. How can you fix your bad credit if you don’t have enough credit to do so? There are ways to improve your credit score and acquire the credit you need.


Take Out A Cash Loan

Taking out a loan replaces the need to make a payment on a large purchase with your own money. But how can you take out a loan with poor credit? You can do so by taking out a cash loan on what you already have in the bank. Doing this is a great way to get the money you need now while having the ability to pay it back and not having to deplete your personal funds.

A cash loan is equal to taking out a loan with collateral. The collateral in this instance is your own money. Whatever you have saved up in the bank can be used as collateral in taking out a cash loan. There is very little risk to the bank as they already have the money there. You can get a loan with low interest rates due to the fact that the risk to your creditor is low as well.

The best way to benefit from taking out a cash loan is to take out a smaller percentage than what you have in the bank and pay it off aggressively. Having a debt in this nature is one of the better options you have available, granted you have the money saved to use as collateral. Some banks will allow you to use 100% of the money you have saved for your cash loan, but using less than that will ensure that should the bank need to collect they won’t take all of your saved money.



Open A Secured Credit Card

One of the main things that is hindered by bad credit is the ability to open newer lines of credit. Not knowing whether a creditor will accept or decline you is a frustrating feeling, especially if you need a credit card. The best thing to do in this instance is to apply for a secured credit card. Many credit providers offer a version of a secured credit card used to help people reestablish their credit.

A secured credit card normally requires a deposit to open it. You won’t have many options in regards to annual percentage rates as secured credit cards are meant for individuals trying to repair their credit. The good thing about these cards is that with regular payments and proper use you can negotiate your annual percentage rate down when the year is up. You can even request limit increases or even get your initial deposit back.

Be aware of secured credit card scams. Normal credit cards don’t come with payments that you need to make upfront. Secured credit cards target people who desperately need credit, which makes them easy targets for scam companies. Most reputable secured credit cards come from established banks and financial institutions. Do your research before sending anybody money.


Monitor Bad Credit Online

It’s become an increasing trend to keep track of your credit score with up-to-date credit reporting sites. More sites are offering not just a method of knowing what your credit score is but also many tools to help improve your credit as well. There are multiple written resources on these sites that can explain how credit works and how to work towards maintaining or improving your credit.

The main benefit of these sites is that they compile the information for you and place it in one location. You can find out what the best options in credit cards, loans and credit repair are for you. These sites even give averages for credit card acceptance rates among credit scores. Sites that you can apply to will automatically link your current credit score to potential credit card offers. This will allow you to know what you’re able to apply for with the best chances of being accepted. It also lessens the possibility of not being accepted and counting against your credit score.

Another benefit is the community aspect of these sites. Many individuals looking for credit write short posts on the cards they have applied for in order to educate others on their experience. Although the site can help people narrow down what credit they are able to apply for, it’s not a guarantee that they’ll be accepted. Having commentary from others can help you make a more informed decision when applying for credit. Don’t forget to let others know what your credit experience was and pay it forward.


Having bad credit can be a stressful situation. There never seems to be many ways to help fix your credit. But as long as you remember your options you’ll be on the fast track to repairing your credit. Make sure you ask your creditors questions, research and plan your actions carefully. Bad credit doesn’t mean you have no credit options at all.

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