Tough economic times have made it more difficult to get approved for new credit cards.
As of the second quarter of 2009, card originations were down by almost 50 per cent according to an industry expert.
In this tight market, people with poor, average or no credit may find themselves shut out of unsecured credit cards that have desirable terms.
However you could use a prepaid card to help build your credit rating without getting into further debt.
Prepaid card providers don’t do a credit check when you apply, so a poor credit rating won’t stop you getting one, unlike all debit and credit cards.
Better still there are prepaid cards deliberately designed to help you rebuild your credit history.
Some charge a monthly fee, which technically counts as a loan, so once you’ve made 12 payments, it should show on your credit history as a fully repaid loan agreement, making you a more attractive customer and hopefully meaning you can apply for better credit card and loan deals.
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