If you are one of the many who are suffering from bad credit and you want to get instant approval on a credit card to move forward in a certain area of your life then consider the following credit card company: CapitalOne. This company provides install approval credit cards for people with bad credit. There, of course, are down sides to this and that is having to deal with a high interest rate. A high interest rate could potentially affect all of the minimum payments that you have to make on this credit card if you simply miss one or are late one day.
If you find that you are really in need of a credit card immediately you should consider the consequences of the card that you have if somehow you cannot make the payments. Are you employed and are you capable of doing this and for what purpose are you getting the credit card? If it’s an emergency situation then it may be worth getting the card immediately but do know that every card you’re approved for is going to affect your credit rating. Even if you apply for one and you are denied this is going to lower your credit score.
Instant approval credit cards for bad credit can be found but they should also be watched out for if you are already dealing with financial problems.
Why do they Approve you Instantly?
These types of credit cards that provide an instant approval are only giving you the card because they have risky interest rates and are out to take your money if you are ever stuck in a financial disposition again. They might even make the interest rate higher for you because of this reason which is why you should really consider not getting another credit card if you already have a lot of loans out or you owe a lot of money. Sometimes getting instant approval although you already have bad credit is going to worsen your financial situation.
They will approve you instantly knowing that you are not financially capable of paying them back and this in turn will give them more money because they are going to hike up your interest rates. The cards that will give you instant approval are Capital One First Premier Bank and many of the retail department store cards because they have more of an advantage in using you as their profitable target. Do know that if you apply for a credit card and you consistently get denied this is going to continue worsening your credit score because the Credit Bureau will see that you are trying to get more loans and because your score is bad, you are getting denied. It’s a lose – lose attempt.
Start Search Today
Instant approval credit cards for bad credit are now possible through the internet. If you simply type into the Google search engine, credit cards with instant approval many of the companies will pop up on the first page and these are most relevant to your search. There may be a few companies listed and if you check out their pages you can apply for these cards. Whether you choose to is your decision but read over the terms of agreement before you apply, you are approved and use your money that you have borrowed. If you spend the money on the card quickly this can also affect your credit score immensely because when you spend more than half of your balance immediately it looks bad on your part and as a spender.
If you are simply getting the card to actually repair your credit score and making consistent payments on it then the best way to go about using it is to charge a small amount onto it every month and pay it off immediately. The sooner you pay it off and if you pay more than the minimum amount then the sooner you will repair your credit score. To top it all off, do know that there are many companies that are willing to approve you for a credit card or even a short term loan but there are reasons why they are willing to do this; it’s because there are high consequences if you do not make the payments that you are supposed to.
Now that you know where you can go to get approved you also know what type of precautions you should take as a consumer and as a credit user. Credit cards can either make or break a person who spends money or pays back loans; it’s your decision as to whether or not you think you are capable of accomplishing payments and paying more than the minimum to repair your bad credit score.