How to get a credit card with a low credit score?

Getting a credit card can be difficult, but it's not impossible, especially if your CIBIL (Credit Information Bureau India Limited) score is low. It's just that banks base a lot of their decisions on the credit score, also referred to as the CIBIL score. Lenders are typically hesitant to grant credit when a borrower has a low CIBIL score since it suggests a higher risk.

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For those looking for credit cards but having a low CIBIL score, there are some options:

Secured credit cards are intended for people with no credit history or a bad credit history. A security deposit is needed when applying for a secured credit card. This deposit acts as collateral for the credit limit that is authorized. Even though your CIBIL score is low, you can still have a better chance of getting approved because the issuer is less risky because they have your deposit as collateral. People with poorer credit scores may be able to get credit cards from some lenders, but there may be additional expenses, such as yearly fees, or higher interest rates. If you can't be approved for regular credit cards, you may be allowed to use these more costly choices, so proceed with caution. Smaller banks or credit unions could be more accommodating when it comes to credit card approvals, but larger banks might have more stringent requirements. When evaluating your application, they can be open to taking into account variables other than your CIBIL score. Consider applying for a credit card with a friend or family member who has a strong credit history as a co-signer. Their creditworthiness can improve your chances of approval by offsetting your low CIBIL score. But keep in mind both your credit score and the co-signer's credit score will suffer if you don't make the payments.

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It's critical to comprehend your present credit condition and thoroughly consider your options before applying for any kind of credit card. Additionally, by paying your bills on time, lowering your balance, and practicing responsible money management, you can raise your credit score over time.