Can I get a credit card? This question is so common among people. You need a credit card for online shopping or if you do not think carrying cash is safe. Being blacklisted makes getting a credit card extremely difficult but not impossible. Even if you are blacklisted, you still a have chance to get a credit card. Let’s see requirements of it:
To get a credit card you need to meet the approval criteria:
1. Monthly income
While customers who earn a high salary have a chance to get it with higher perks and bigger credit limit, customers who earn an average income probably get a credit card with a lower credit limit. If your salary does not meet the minimum monthly income criteria, you may not be approved.
2. Credit History
If you have a history of delinquency, your application will possibly be denied.
If you repay all of your credit card debt, you should ask for a Certificate of Payment Completion to prove that you are not on the blacklist anymore and raise your chance of being approved for a new credit card. If you unable to repay and are still blacklisted, you need to work on cleaning your credit report by settling your unpaid dues.
3. Pre-paid / Pre-loaded Credit Cards
Pre-paid credit cards are provided from most banks or retailers and are accepted almost everywhere. This kind of credit cards contain a number, expiry date and security code as well. They differ from standard credit cards by not being linked to a bank account. You have to pre-load an amount of cash to spend.
How To Get Unblacklisted?
If you want to remove your name from the credit blacklist, you should start with repairing your damaged credit history and improving your credit score. As an other option, you may consider attaining debt consolidation. You may need to work on several factors which are affecting your credit score negatively.
1. Payment History : You need to make your payments on time each month.
2. Debt Cycle : Do not borrow a new loan to cover the previous one.
3. Negative Information : Try to remove negative information in your credit record by paying off your outstanding debt.
4. Account Application and Enquiry Activity :Do not send multiple applications at the same time.