Fortunately, a few strategies exist for reestablishing credit in your own name

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Smart ways to get a credit card when they tell you NO
3 years ago
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Many consumers are denied credit every year. Sometimes, it?ôs through no fault of their own that they are denied access to a credit card. Perhaps, they are still young and have not yet established a credit history of any kind whatsoever. Then again, sometimes consumers have created a bad credit history for themselves and trying to reestablish credit can be quite difficult.

Fortunately, a few strategies exist for reestablishing credit in your own name. If you have tried to get a credit card but have been turned down, you can try any of the following strategies in an attempt to change that scenario. Not all of these strategies will apply to everyone, so use the ones that apply to you in order to increase your chances of obtaining a credit card.

Tips to Help Consumers Obtain a Credit Card
- Sign up for a savings account at your local bank. Even if you do not a large amount of money to deposit, the simple fact that you have a savings account is a positive facet of your finances. Plus, banks have several different types of savings accounts with varying minimum amounts required to open an account. It is important that you maintain the minimum required balance in the account in order to maintain a positive rating.

- Sign up for a checking account at your local bank. Start to use your checking account to pay for your bills. Pay each of your bills on time using your new checking account. Additionally, you can pay your bills electronically using your checking account. It is important that you do not overdraw the account and that you maintain the minimum required balance in the account in order to maintain a positive rating.

-Always pay each of your bills on time. If possible, pay them in full each time.

-Decrease your spending each week, even if it is just by a small amount. You can add the savings to your new savings account.

- Open a store credit card. Select a store where you already shop or one that would have necessities that you have an immediate need for at the moment. Keep your spending to a minimum and pay your bills on time.

- Arrange to speak with a representative at your bank to discuss the acquisition of a credit card. Bring a list of all of your assets as well as your liabilities. Your assets can include savings, bonds, money CDs, vehicles, property, and expensive jewelry.

- If you can find someone willing to do so, arrange for a cosigner for your credit card. Try to get someone with a good credit history since that will be taken into consideration when determining whether you get the credit card or not.

- Be persistent. Some banks might have a policy of saying no the first time a consumer with a bad or no credit history applies for credit.

- Be flexible. If your personal bank turns down your request for a credit card account, look elsewhere.
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