Most major banks and lending facilities have in past decade got glued into checking a person’s credit worthiness via the status of his credit report. Here in the United Kingdom, there are three major credit bureaus where banks and the lending companies get individual’s credit reports from and they are Experian, Equifax, TransUnion whatever you generate and they print on your report will spell either the approval of denial of your loan or credit card application approval. Credit scores are the representation of a person’s credit status, according to the credit agencies, and people are generally grouped into two – low risk and high risk.
Those who have religiously paid their credit card and utility bills on time and whatever payables they have (surprisingly including hospital bills) always fall on the low risk category which means banks and lending firms will have no difficulty getting the repayments from them (that is how the credit score in interpreted) while the ones who have had repayment issues, unpaid bills, bankruptcy, county court judgments of CCJs, et cetera are tagged as high risk and their borrowing capabilities are extremely cut off.
If you belong to the latter group, you may have most likely experienced difficulties in getting approved for a credit card application. It is good to know that even if many of us are the bearers of adverse credit, there are bad credit history credit cards available for us. There are certain credit card providers that extend buying power even to people with bad credit.
All that one needs to do is go online and search for these credit card firms that offer bad credit history credit cards. Another option is to go to smaller retail stores since many of them are willing to give credit cards despite an individual’s credit status. Now in order to maintain a good standing and in the long run increase your credit limit, make sure that you only make small purchases, things that you can really afford and pay on time, and once your prompt payments are reported to the credit bureaus you stand the chance of fixing your credit history boosting your credit score. And at the same time, one of the many advantages of paying your credit card monthly dues reduces the amount of interest charges that you have to pay.
All you have to do is proceed to your bank or your credit union and chances are they can provide you with a credit card which at the onset will have some what limited credit limit. Or if all else fails you can ask a close friend to act as a co-signor in order for you to have an unsecured credit card.