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Bad credit cards with high limits

High Limit Credit Cards for Bad Credit

Bad credit cards with high limits

If you have poor credit and are seeking high limit credit cards, don’t get your hopes too high, but don’t give up, either. Begin your quest with the knowledge that what you are seeking is nearly impossible, for good reason.

That said, here are a couple of pointers to consider as you try to obtain one of the few high limit credit cards for bad credit.

That means that you need to probably plan on putting a security deposit down with a credit card company to obtain a card that you can use. If you don’t have a large amount to put down (which would typify most people with bad credit), then start with what you have and add to it as you are able.

As you use your secured card wisely, the sponsoring bank could raise your limit even beyond your deposit. The right combination of careful spending and continual deposits can lift your limit to the regions where you want it to be — closer to $5,000 than $500.

If you have bad credit, this somewhat long process is one of the only sure ways that you can re-build your credit score and raise that number to the region where you want it. As that rating rises, if your bank does not raise your credit limit as you desire, you can cancel your card and shop around for a much better deal. With a

higher credit score, you will find many more banks waiting with open arms to sign you up to a credit card with a high limit.

If you go unsecured, don’t be disappointed if your limit does not meet your expectations. The fact is that people with bad credit are a very poor risk for banks and credit unions, and the higher the credit limit extended, the more risk such people are. That is the way of the world, so don’t expect a $10,000 limit if you have poor credit, it’s not going to happen.

However, you can perhaps take one zero off that limit and begin to restore your credit rating. Don’t forget that part of the unsecured game is paying a monthly or annual fee, in addition to a fairly high interest rate. That is some of the literal price that you have to pay to get back into the credit arena and begin to win a few battles.

High limit credit cards for people with bad credit are somewhat of an oxymoron, but there are a few paths that you can take to get to a high limit card in a reasonable amount of time. Remember that such cards can be both a blessing and a curse: if you are too tempted to max out on easy credit, you could end up abusing it and falling back to where you first began–with a rock-bottom credit score to show for your trouble.

How Can I Get a Bad Credit Credit Card with a High Spending Limit?

How Can I Get a Bad Credit Credit Card with a High Spending Limit? 5.00 / 5 (100.00%) 2 votes

ContentВ updatedВ 9/2014:В Most credit cards for bad credit start out with very low limits, usually around $500.В There are ways to get that amount increased, and here are a few tips to help you achieve that goal.

Bad credit cards with high limitsFirstly, make sure the company you are applying works with consumers with bad credit.В Read the requirements the lender gives for approval.В If it says good excellent credit required move on!В If it says bad credit ok, or if they are a subprime lender, you have a better chance of getting approved.

  • Prove to card issuers that you can really afford it. In the past, when I have a bad credit borrower at my desk, I always tell them its not going to be as easy to get them approved for a loan as their good credit counterpart.В I have them collect supporting documents to show that yes, they can afford the payment AND I give a clear explanation for the low credit score.В I also include all steps taken they have taken to improve their credit.В Additional documentation that I ask them for are:
    • 3- 6 months recent pay stubs
    • letter of explanation for the low credit score I tell them to explain it as thoroughly and honestly as they can.
    • I have them END the letter with all the steps they have taken to improve their credit score and why they fell this loan isn t as high risk as their credit score may make the lender believe

How To Apply For A Credit Card Using This Method

If you are applying at the banks location. schedule a time to meet with their credit officer.В Show them your current credit report and tell them what you are attempting to do.В Give them all the supporting documents that you have gathered and see if they can help you.В I know I am always impressed when someone comes in, well dressed, knowledgeable, confident and already financial documentation to prove their point.В I give them brownie points, I bet your local bank will too!

If you are applying online .В Wait for your approval.В When your card comes call the customer service line on the back and ask for the credit limit increase department.В Talk to a rep, tell them you want a credit limit increase and why.В Ask them if they would be willing to accept additional information to help make their decision.В Some will give you a fax number and some companies may tell you to wait 6 months and call back.В This is all dependent on YOUR credit. If your credit score is really low, a lot of times they will automatically tell you wait 6 months and call back.В During that 6 month period, use the time to pay down debt and clean up your credit a bit more and then call them again, with your supporting documentation ready to fax or email over to them.

I have to admit this works best with credit unions.В When I worked at a credit union, my old branch manager trained me in the above method.В Credit Unions really work hard to help their members.В Approaching banks like BofA will be more difficult.В They have a strict policy and most branch managers don t have the authority to make a credit decision that falls outside of their strict rules.В I think smaller, local banks with ties to their community are the best to approach.

  • Be ready to pay a higher interest rate than good credit people ,В you would be surprised how many people want an A credit rank but have D credit.В Be realistic.В Not until you prove that you are not a high risk borrower, should you demand a lower interest rate.В Actions speak louder than words.В If you want a low rate, show them how you are now faithfully paying all your debts on time.В It will take several months, if not years to prove your credit worthiness (this depends on your credit).В The better your credit is now, the shorter time period before you can look forward to lower interest rates.
  • Have a creditworthy co-signer. If you have a close friend, colleague or relative who possesses a good to excellent credit score, you may be able to ask them to co-sign on a credit card for you.В This is one of the fastest ways not only to obtain a credit card with a high credit limit, but it will usually also have a much lower interest rate then if you applied on your own.В Even though this is the fastest way,В its also one of the HARDEST !В You first have to find someone willing to put their financial future on the line for you.В If you fail to pay on this card, it becomes the responsibility of the co-signer to pay it for you.В Also any late payments will be reflected on their credit report.В So their good credit can swiftly turn to bad due to your IRRESPONSIBILITY ! В If you can t make a payment make sure you tell them before the due date and maybe they can make it for you.В At that point don t be surprised if they close the card!В There are not a lot of people (outside of your mother) who really want to put their credit on the line for someone else.В Don t take offense if a friend or family member turns you down.В A responsible co-signer knows they may be responsible for making the payments and while they have good credit themselves, they may be financially strapped.В And the thought of being responsible for someone elses $5000 credit card payment, maybe too much for them to handle.

At the end of the day, if you want to get a high limit credit card with a decent rate you need to start practicing good credit habits.В Make sure you pay your card on time.В No excuses, even if one month you can only pay the minimum amount due.В Its best to try and pay the card off each month.В For a lot of people that is impossible, but don t max it out, or worse yet go over your limit (massive fee) !

If you practice good credit habits over time you will be able to not just negotiate higher credit limits but also lower interest rates.

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Compare credit cards for bad credit

Compare credit cards that you may be able to get even if you have a bad credit rating. Choose how they are sorted to look at the different features they offer.

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Find the cards most likely to say yes

See which cards you are most likely to be accepted for without affecting your credit score.

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Not available to applicants who already have a Barclaycard credit card.

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Credit offered by Vanquis Bank.

You may still be able to get a credit card if you have bad credit.

Credit card providers will always check your credit record when you apply, but the cards in our table above may still be available even if:

You have never borrowed money before

You have previously missed payments on your borrowing

You are unemployed

You have had county court judgments (CCJs) against you

You have been bankrupt

If you are yet to be discharged from your bankruptcy ruling, you will be unable to get a credit card.

Avoid applying for cards that may reject you because too many searches on your credit report can make it even harder to get accepted in future.

You can see if there are any cards you can get before you apply by using an eligibility checker. Here is how to check which cards are likely to accept you.

Credit cards usually specify a minimum age (usually 18) and a minimum income, so check this too.

Our table lets you filter the results to only show the cards that may accept you even if you have missed credit repayments, CCJs or are unemployed.

You can then work out which of these cards offers the best deal. Here is how to choose a credit card if you have bad credit and how they work.

Are cards for bad credit the same as other credit cards?

Yes, but they usually have higher interest rates and smaller credit limits than you could get with a better credit rating.

It is also less likely that they will come with special offers like cashback, balance transfers or 0% interest periods on purchases.

Why should you get one of these cards?

Because they are more likely to accept you than other credit cards.

After six months or more, your credit record could improve enough for you to get accepted for a card with better benefits, a higher credit limit or a lower interest rate.

How to Get A Credit Card for Bad Credit With High Credit Limit

Bad credit cards with high limits Bad credit cards with high limits

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