poor credit score credit card tips

Is it possible to apply and qualify for a new credit card despite having a less than favorable credit record? Of course there's a way to get a new credit card in spite of having a bad credit history. But in order to qualify you will need to arm yourself with some knowledge about the accepted market practices to raise your chances of getting the best credit card. While the FICO score which indicative of ones credit history, can hamper your chances of getting quality credit card like a Visa card or a MasterCard, these 5 great credit card tips can help you out even if your credit record is less than stellar:

1. Be familiar with your credit score

Knowledge translates into power. This is especially the case when you're trying to qualify for a new credit card with one of more respectable card companies like Discover or Visa. Your current credit score should be examined by visiting not one but at least three of the biggest credit reporting companies. There are a number of websites which will let you access your credit record from their data absolutely free of cost. While most companies use the same formulas for calculating credit records but results can still vary a little from agency to agency. So there is no way of knowing which reporting agency your prospective credit card company will log into to check your credit score. So it's advisable to obtain all your three scores to keep yourself ahead of the game.

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2. Determine how bad your credit score is

If you check and tally your credit score, you will be given some additional information which will help you calculate how good or bad your credit score is. All credit record histories fall somewhere between excellent to poor. If you believe your credit score is bad, it will fall somewhere between fair and poor. It might also be good if you're lucky. However, make sure you know how your score has been rated by a particular agency. It's perfectly possible that one agency may deem your score to be poor but considered acceptable by another.

3. The best credit card offers can be found online

The best possible place to hunt for a great credit card deals is the World Wide Web. There are hundreds of reputable credit card websites, which will provide you with all the information you need on current credit card offers from different banks and companies like Visa, Mastercard, Discover and others. You will be asked a few simple questions and will then pull out from their database the credit cards offers which will be most favorable for you. You will even be able to compare two or more credit card offers to make a well educated choice. Make sure you read the fine print and know about the terms and conditions of the offer. While there are laws to prohibit companies from charging you interest rates beyond the legal limit, there are higher end legal rates that can cost you your arms and legs (and a few ribs) in the long term.

4. Don't be in a hurry while applying for a credit card

Don't eagerly jump and grab the first credit card that gets offered to you. Instead while applying online for a new credit card, make a note of the best deal you're getting from one website but check other sites before signing up for one. There is no reason for you to accept a high rate of interest when a couple of extra hours on the net can get you more favorable deal – something which might be 4-5% lower.

5. A shot term loan might be better than a credit card

If for some reason, you aren't eligible to get a credit card that you are after, you should instead apply for a short-term loan. Understand the fact that high interest rates aren't costly by themselves, rather they become costly when you have to pay them over long periods of time, which keep adding to your financial burden. That's how credit card companies make their money. By charging their customer high interest rates, its inevitable that a certain potion of their credit card users will run up a large balance and then find it difficult pay them over several months. By getting a short term loan at a reasonable rate of interest and paying it back on time, you will actually end up saving thousands of dollars, which can used to rectify your poor credit record.