Easy To Get Credit
When people ask about easy to get credit, the one thing they always seem to miss out how much they want to borrow. Trying to borrow $500 is different than borrowing $50,ooo. The irony is that in many situations you will pay more interest (as a %) on $500 than you would on fifty thousand dollars. It is wrong but it is the reality we live in.
The more credit you have (as long as you are paying it back on time) the easier it is to get credit. A friend of mine recently cleared all his debt, around 50k worth , when his mum sold her house and gave him the money. Anyone would think that removing the debt would ensure him of any loans he wanted to have in the future. His income hadn’t changed and he now had no debt.
The reality was that when he tried to borrow some money, 10k , the banks refused him. They said that he did not have enough surplus income, just 3 years ago he had been considered a good enough risk to borrow 50k but now he could not even borrow 10k.
So when you go looking for easy to get credit cards , you need to start looking in your own wallet. Do you already have credit? Are you paying it off? Do you actually have any money left over which you would use to pay the new loan off with?
In the present economic climate it is easy to blame the banks and Wall street companies for everything. However the reality is that they should never have loaned many of us money when they did and giving out loans to people who will not be able to pay them back makes no sense. You need to be honest with yourself, do you want the $1k loan for something useful that you can afford or do you want it for something just because you don’t want to take on some over time and save the money up?
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