PennyGem’s Elizabeth Keatinge tells us about ways to get a credit card even if you are in debt.
Category
📚
LearningTranscript
00:00So you haven't been the best with your credit. You may have had a few debts you haven't paid
00:08on time or done other things to bring that score down. Well, you can still access a credit card
00:13even if you're in debt. Lifehacker advises becoming an authorized user. If you're in a
00:17trusting relationship, perhaps your partner could add you as an authorized user. They don't even
00:22have to give you the card. You'll look more attractive to other creditors if you have more
00:25available credit. There are also several prepaid cards. Cardrates.com says the Fingerhut credit
00:30account accepts applicants with bad or little credit. There's no stated minimum credit score.
00:35Lifehacker also suggests borrowing from your 401k. It's not ideal, but if you have money in your 401k,
00:41you can get a pretty low interest rate on a loan and pay off your credit card debt with that money.
00:45With lower balances, you'll look more attractive to credit issuers. You also can get to work on
00:50improving your score by paying balances on time and not racking up any more debt.
00:55you