Applying for Credit With Credit Debt

: Chris Lee Law Firm

  Filed under: Credit

credit applicationMany people are under the impression that just because they have credit debt or a bad credit score they can’t get a new card.  However, nothing could be more untrue.  Applying for credit isn’t only an option available to people with good credit scores.  You, too, can be applying for credit, no matter what your score is.

Really? Me?

Yes!  Now, of course, we can’t guarantee that you’ll get a line of credit, but it is possible for many people in tough situations.  Here are a few things to think about.

Is your credit score not an honest reflection of you?  Is there a story behind your credit debt that could change the way you’re perceived by lenders?  If so, formulate that story.  Pull together the facts and all the evidence you can find.  Now, share that story with your potential creditors.  You might be surprised to find out that people are people, and your story can find an audience.

Also, when you display yourself as a put-together candidate, you greatly increase your success at applying for credit!  While that credit score is important, lending institutions know that people do change.  If you can demonstrate a positive change in your life and practices (and your credits score hasn’t caught up to reflect that change), then let your would-be lending institution know!

Lastly, don’t forget that you can always opt for a secured credit card.  While this isn’t the most ideal way to get credit, it is an option.  And, showing your responsibility with a secured card can expedite the process of getting a “real” credit card.

Don’t let credit debt hold you back from applying for credit!  Put on your best face, and go out there and win your case with lending institutions!

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