Guaranteed Credit Card Approval For Bad Credit

Q: If I have been unable to secure a private student loan because of my credit score, is there any chance at obtaining a guaranteed credit card approval for bad credit?

A: If you have been applying for private student loans without first applying for federal financial aid, you could be missing out on money for college. As a rule of thumb, federal student loans and other federal financial aid should be exhausted before applying for private student loans. Federal student loans are not based upon credit, so if you have poor credit history it will not count against you. Visit www.fafsa.gov to apply for federal financial aid for college.

If you have already exhausted all of your federal financial aid options, and have not been able to secure a private student loan, chances are you will not qualify for a credit card on your own either. Even if you would be able to find a “guaranteed credit card approval for bad credit”, it would most likely be at an extremely high interest rate, have a fairly low limit, and unlike most student loans, credit card payments start immediately.

If you need a private student loan to cover your college expenses, the best thing to do is to secure a creditworthy cosigner for the loan. If you can obtain a cosigner with excellent credit, you should stand a good chance at securing the private student loan you need.