Well join the club, because in today’s financial climate there aren’t many that haven’t been refused a credit card. There isn’t much good news surrounding this issue other than there are ways to rebuild your credit rating; for those who don’t know about credit rating, it’s what all credit companies use to “score” how good you have been with credit over the space of you life so far…
Sadly, your rating will not be rebuilt easily. If anyone tells you this, they are trying to sell you something that won’t work, and they must be getting something out of it because it’s a lie; tell them to sling their hook. What you will probably have to do is get what they call in the credit card business, a “bad credit card”. This is basically a credit card that is bad in two ways. It’s bad credit card because you have a poor credit rating and that’s why you’re after it, and it’s also a bad credit card because the interest rate is out of this world and absoloutely scary. I suppose this latter point exists to persuade you not to owe too much. Either that or for the Credit Card company to try and recover any potential losses before they actually happen; i can’t work out this logic however.
So this is the main way. Ironically the way to get out of having a bad credit rating is to get another credit card! Only in the western world folks! Nowhere else on the planet could have thought of such a ridiculous thing. The sad thing is, it’s necessary!
Tags: bad credit, debt management, refused credit