Credit Cards For BAD credit

[Incrediblelandscaping]

Hey Guys, I personally dont have great credit. Ive come to realize its hard to survive as a buisness owner W/O a credit card. does anyone have any ideas or know companys out their that will give them away LOL Thanks

[poolboy]

We never needed a line of credit for our company. Maybe you should look in another direction....daveramsey.com

[Green Pastures]

The LAST thing someone with bad credit needs is a credit card.

Think of credit cards as a ball and chain around your ankle and you're bobbing in the water in the middle of the ocean in a hurricaine.

[jeffmoore]

The LAST thing someone with bad credit needs is a credit card.

Think of credit cards as a ball and chain around your ankle and you're bobbing in the water in the middle of the ocean in a hurricaine.


:laugh: thats so true. Bad credit sucks as it is but to try and get a card will only make it worse if you can get one.

[Fiano Landscapes]

We never needed a line of credit for our company. Maybe you should look in another direction....daveramsey.com

I couldn't have said it any better my self. Do not get wrapped up in credit card or any debt at all for that matter. We still to this day, and always have run on a strict cash system. This keeps you going while alot of the companies with credit will struggle. This is about the hardest thing our business has had to work through, but I beleive it has been the best thing for us. When you have only the cash in your reserves to spend you tend to be a more wise shopper.

[mommacutz]

A Visa check card has always worked well for us. Do you have a business account?

[Grassmechanic]

Try a company that specializes in business accounts i.e. Advanta, American Express, etc. A CC is a great way to manage cashflow and track expenses. Also some have cash back programs. Just pay off your balance each month.

[Firefighter337]

Want better credit? Pay yours off. Then begin using it responsibly.

Responsibly - if you use it, you should be able to afford and pay it off within 1-3 months.

Credit cards are not designed to live off of. If you do not have the cash to back it up within a reasonable amount of time, DO NOT USE IT.

I have been guilty of this, hard lessons learned. Now I am able to practice what I preach.

I have seen a persons credit score go from 530 to 740 within 18 months, JUST by paying off their credit cards and flipping the debt to income ratio.

The next thing after your credit cards. Pay off your vehicle. It is just like a credit card. It collects DAILY interest. Quit paying the minimum and pay more. 20, 40, 100, 200 more. It all goes to the principle.

[Firefighter337]

Another thing to help with budget.

Take your last 3 bills on everything. Phone, Cable, Power, Water, Gas, Etc. Get the average. Im going to use examples.

Phone - 80,85,90 - Average is 85 per month
Cable - 50,60,70 - Average is 60 per month
Power 100,110,120 - Average is 110 per month
Water 30,40,50 - Average is 40 per month
Gas 50,55,60 - Average is 55 per month.

Know your monthly expenses.

Obviously your home and vehicle payments are going to stay the same.

Basically look at it like this, example only:
Living expenses - $350-400
Home - $1000 ?
Car - $500
Food - $500

This is $2250 per month. If your only making $2000 and putting everything else on credit cards. You need to change your living habits.

But if you are making $4000, there should be NO reason you are keeping a balance on a credit card.

This is just an example, You need to find out your monthly budget and monthly income. Split this difference and apply half of that to your credit cards.

[HOOLIE]

It's extemely easy to get a credit card with bad credit. The banks that offer such cards usually work one of two ways....1) A secured card, typically they have you send them a deposit and they extend credit in the same amount as your deposit (i.e. a $300 deposit gets you $300 in credit) then at some point in the future the deposit is returned to you. Or 2) where the card is unsecured, but they charge most of the fees upfront (so you have an instant balance).

Neither one is bad if you're looking for something small, say for gas purchases or whatever. You're just not going to get more than a few hundred bucks in credit initially.

[kootoomootoo]

I am assuming this guy needs a net increase in CASH FLOW.
A secured card wont help....ie the net increase will be zero.

Basically he is sweet outta luck.
Aint nobody gonna give you a $10,000 credit card without perfect credit.