Can I Get A Credit Card If I Am On The Blacklist
We know credit cards are becoming more popular day by day as they are an essential economic growth source for individuals and businesses. As cash is ideal for face-to-face transactions and checks take time to cash, a credit card is ideal for the global marketplace. This long-distance transaction through credit cards not only increases your gross production but also saves money if carrying cash is not safe. Moreover, credit cards also help to get emergency cash which is not possible with checks. Getting a credit card is easy and straightforward as you don’t need to pass a credit check to get approved. But being blacklisted can make it difficult or sometimes impossible to get a credit card. That’s why most people question; Can I get a Credit Card if I am on the blacklist? The simple answer is Yes! you still can get a credit card as many companies offer credit cards for blacklisted people.
How Can I Get A Credit Card If I’m on the Backlist?
Applying for a credit card is quite simple and easy, but you’ll need to meet some minimum financial requirements to get approved.
Let’s see the requirements of it:
To get a credit card, you need to meet the approval criteria:
- Monthly income
Credit card applications always ask for your estimated salary when you apply for a credit card. Banks don’t lend money to anyone if they can’t repay the debt. The higher the salary, the higher is your chance to get approved and the higher credit limits you will get. On the other hand, clients with average or low salaries get a credit card with lower card limits. Moreover, if your salary does not meet the minimum monthly salary requirements, you won’t be able to get a credit card.
- Credit History
Another essential requirement is your credit history. Most cards require a credit score of at least 700 or more. Though, some credit companies also offer fair credit with lower scores. When you repay all of your credit card debt, they ask for a Certificate of Payment Completion to prove that you are not on the blacklist to get approved for the next credit card. If you don’t have paid your previous debt or still blacklisted, you need to clean your debt report by paying your unpaid dues.
- Pre-paid / Pre-loaded Credit Cards
Pre-paid credit cards are another type of credit card that looks the same as credit cards and works the same as credit cards. However, they work a little bit differently than standard credit cards. This kind of credit card contains a fixed number, expiry date, and security code. They are not linked to bank accounts; in contrast, you have to pre-load an amount of cash to spend.
How To Get Unblacklisted?
Want to remove your name from the credit blacklist? Good!
You can remove your name by repairing your damaged credit history and improving your credit score. You can consider debt consolidation to pay off your previous debt to improve your credit score. Plus, several other factors affect your credit score. s
- Payment History: Make your payments timely to make a good credit history.
- Debt Cycle: Try to pay your debt without getting a new loan because it negatively affects your credit score.
- Negative Information: Make sure to pay any outstanding debt so your credit record doesn’t have any negative information.
- Account Application and Enquiry Activity: Don’t apply for multiple loans at the same time.
Haley Hayward is an experienced writer at kredilife.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining kredilife.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.