
Are you trying to find the easiest or the only possible way to get access to a credit card with bad credit or a bad credit merchant account? As you know, it’s going to be tougher for you, which can’t be said about those with good credit. However, it’s still possible. Only you should know how. So, let’s see how.
Getting a Bad Credit Merchant Account
Lack of good credit history is likely to put a number of impediments on your way. With good credit, you can enjoy favorable terms and rates for merchant services. What about bad credit?
Based on the most popular scoring system that’s offered by FICO, you have the following picture:
- Poor credit: 300-579
- Fair: 580-669
- Good: 670-739
- Very good: 740-799
- Excellent: 800-850
Since a merchant account plays an incredibly important role in the life of any modern business, merchants take a special interest in the process of obtaining it. Unfortunately, with traditional financial institutions and processors, you can’t have higher chances of obtaining bad credit merchant services.
Strikingly, there’re reputable high risk processors that’re ready to work with high risk businesses. All you need is to take the time to find the right merchant account provider for your business.
A true payment expert that specializes in the high risk field can get you a bad credit merchant account without challenges. A respectable high risk processor will offer you the cheapest rates, the fastest application, and the best terms in the space.
Getting a Credit Card With Bad Credit
Let’s start with the good news: you can improve your credit even if it’s away from being excellent, thus paving a path towards a brighter financial future. Obtaining a credit card with bad credit requires taking several steps. Here they are:
- Know your credit score
- Look into some regular, unsecured credit cards designed for those who lack good credit
- One of the easiest ways to obtain a credit card is with the help of a secured credit card
- Find a reliable person who has good credit to ask him/her to be added as an authorized user on his/her account
- Consider a prepaid debit card since it offers an alternative way to pay for items without cash
- Work on improving your credit by never being late on payments, tackling any outstanding debt, regularly going through your credit report to see whether everything is OK, limiting your spending, and paying off your whole balance.
To sum up, being labeled as a merchant with bad credit means your credit score is below 580. Poor credit won’t let you enjoy many options for credit cards. The thing is that traditional banks and processors want to avoid taking the risk of providing credit to someone who won’t be able to pay them back.
So, take the above mentioned basic steps to raise your chances of getting a credit card with poor credit without running into major obstacles. After all, low credit makes it harder for you to get approved for a credit card, but it doesn’t make it impossible.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the most reliable and cheapest bad credit merchant account in the space. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.