by Kirsten Hines

Created on: August 18, 2010   Last Updated: August 27, 2010

In this economy, many people are stuck with bad credit. If you are someone with large debt, it can be next to impossible to get a credit card. There are a few different ways you can overcome this obstacle and get a credit card.

Get a pre-paid card

WIth a pre-paid credit card, you pay a company a certain amount of money, for example $500 to the credit card company. The credit card company will in turn issue you a credit card without a credit check. The money you gave to the company is your credit limit. In addition to helping you have a credit card, it will help you rebuild your credit. You must of course pay the credit card on time.

Get a cosigner

If you have a friend or family member willing to cosign for a credit card ask them for help. This is a risky situation if you are not conscientious about paying your bills on time. When someone cosigns for a credit card they are also held accountable for the credit card. If you miss payments or pay late, this will affect the cosigner’s credit.

Check with credit card companies

There are a few credit card companies that will issue credit cards to those with bad credit. Before you sign up, do your research. Depending on your use for the credit card, the interest rate could be extremely high, up to 29%. Also your credit limit may be less than you were expecting, but it will be something. If you are the type to not pay your bills on time, this will just create a deeper hole of debt.

Try the department stores

Many times retail stores may be a bit more lenient on credit cards for people with poor credit. These also tend to have much higher interest rate. If you are not going to pay the card on time, it will not be worth your while.  Having a credit card is a luxury, not a necessity.

Is this a good option

Do your research before you choose a card. Know the interest rate and credit limit you will receive with the card. The bottom line is a credit card can be obtained with bad credit. You must decide whether or not this is a smart choice. You are in the spot of having bad credit. Ask yourself if this is a smart choice. Digging yourself deeper in debt is not the best answer.

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