It is a difficult thing for men over 55 with bad credit to obtain a credit card during these times. Credit card companies have become stricter nowadays because of the many unpaid debts by most of their clients. Before one gets an approved credit card, the credit card companies will first do a background check on the applicant specifically related to employment, financial status and credit scores. If a man has a credit score under 600, then this may be a difficult situation to be in because most credit card companies do not approve bad credit-credit card. However, there is still hope for this kind of situation. It is either you repair your credit by borrowing from credit repair companies or improve your financial reputation by applying for small credit cards. This will also be your chance to regain good financial reputation and be granted with credit cards again despite you credit score under 600. You just need to prove that you are still capable of paying the bills and have a strong source of income that can improve your credit score. You can still do many things to get a credit card. Here are some of the credit cards that Men over 55 with bad credit may apply for.
Department Store Credit Card
This type of credit card is relatively easy to get. Though it can only be used in a particular department store, it is still a good way to clear out your financial reputation. You just need to be sure that you will pay promptly. Anybody can get a department store credit card even though you have a credit score under 600. It really just depends on the department store and what they look for. Some are less strict than others and some have lower credit limits than others. Another alternative is to get a pre-approved merchant account, which usually gives you a credit limit from $5000 to $10,000. Some catalogs have credit that they give willingly regardless of credit history. Companies like Fingerhut, Seventh Avenue and Ginny’s will give you credit to shop in their catalog; they will them report it to the credit bureaus.
Gas Station Credit Card
This works like the department store credit card. If you want to somehow improve your credit score and financial reputation, apply for this kind of credit card and make sure that you do not miss any payments. The big credit card companies will see that you are trustworthy enough to be given a credit card though at your current age. You need to prove that even at your age, you can still keep up with your expenses and can improve a lot in terms of your finances.
Unsecured Credit Card
These credit cards are pre-approved and can be obtained by applying online. You should also be sure that you can pay the bills for this credit card faithfully. Paying your bills on this credit card will improve your chances of getting a credit card from big credit card companies. However, unsecured credit cards have higher interest rates. Therefore, you need to think twice and carefully if you really can keep up with the payments that you have to make once you obtain this credit card. Still, having this credit card and being able to pay your bills on time will improve your financial status and reputation. You will no longer have a difficult time applying for loans and credit cards in the future.
Where to Apply For Credit and Loans With Bad Credit
Women with Credit Scores Under 500: Where Can I Apply For Credit?