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Be it travelling to an exotic location or solving the immediate cash requirements, we, most of the time, apply for a loan, don’t we? And it’s all smiles when that is approved by the concerned bank or any other financial institution. Then comes the time to repay the faith reposed by the lender in us by paying the EMI on time. But the dynamics of the modern life is such that we all look to breach the wish boundary even if it takes humongous spending to achieve that. In that bid, we, sometimes, go haywire and fail to repay the EMI on time. And when the pattern lengthens due to reasons best known to us, the credit score or say the CIBIL score starts to bite the dust.
Even then, we people don’t want to stop spending, right!. And, what happens next? You and I apply for the credit card, hoping that it will get approved. But comes the rude shock in the form of rejection. And we start scouting around for the ways to get the card so that we can shop even without cash.
Yes, there are some ways by which credit card can be given to people with a bad credit history. But that requires strong discipline and commitment with regards to your spending. Are you ready to ride that tough road? Then, give a thorough focus to what’s being said in the article.
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3 Ways to Follow for Getting Credit Card with a Bad Credit
Below are the ways that you should adopt if you are searching for a credit card at the face of bad credit profile.
Pay Off the Outstanding Loan
The first and foremost thing you need to do is to clear off the debts as soon as possible. Keep a track on your daily expenditure so that the EMI payment can be done smoothly. Even if you are required to cut down the expenses on your favourite stuff, you should adhere to the saving discipline so that your credit card wish can get the much-needed impetus. The regular EMI payment would start to lift the CIBIL score and enhance your credit worthiness before a lender.
Secured Credit Cards
Willing to open a fixed deposit with a bank? If Yes is your answer, a credit card can be in your wallet against the fixed deposit. The credit limit, of course, will be based on the amount of fixed deposit. Either the limit can equal the quantum of deposit or a bit lower than that. But again, you should not go overboard and do a disciplined shopping via credit card. If it all the need arises to go for a big purchase, you can convert it into EMI and let things be easy on your pocket to handle. The interest will be charged, but will be lower than the normal cards.
Credit Card Debt Settlement
It is possible that you are reeling under the pressure of massive credit card debt already. By failing to pay the dues for a substantial period of time, the interest, late payment charges and the taxes thereof have made it ultra difficult for you to service the debt anymore. So, you can take the recourse of debt settlement with the lender. Some bankers do ease the debt burden by removing the obligation of interest payment. You can settle a deal with them for the payment of the principal portion of the debt only. If your lender has such a debt settlement policy, a fresh credit card can be a reality.
So folks, adhere to the aforesaid steps and get a credit card even if you are wriggling with a bad credit record. A disciplined shopping, coupled with a focus on cutting the expenses on non-needy things can go a long way in improving your credit profile.