I Need a $15000 Credit Card with a 560 Score
I received an email with “I need a $15000 credit card with a 560 score” in the subject line and I wanted to cover this in a new article. There was not much else included in this email so it will be more difficult to theorize on what was really being asked. However, I will make some assumptions based on past experience and talk about some of the different scenarios.
People looking for larger balance credit cards usually fall into one of two categories. Either they are in real financial trouble and are looking for a quick fix to their borrowing problems. Or they are in really good financial shape and are unaware of alternative lending products that usually make more sense for borrowing this kind of money. To be fair there is one other category and that is unusual circumstances that require a larger balance revolving credit with the protection that cards have (these people are usually in really good financial shape as well).
Since I didn’t know this person, may experience would suggest this person is in trouble, most people in good place financially seldom ask strangers (outside of their bank) for advice. The problem with answering these kinds of questions is there is little black and white in lending. The more the information the lender has the better because there are lots of decisions they have to make on the best way to structure the loan or credit card to better accommodate the borrowers needs.
The short answer is it would be difficult for someone to qualify for a $15,000 credit card with a 560 credit score. A 560 credit score is pretty low for a regular credit card in the first place and this is one of the main focuses for the credit card companies to qualify someone. The second focus of a card ‘approver’ is type, amount and history of their income. Income will seldom trump a borrower’s credit score but it will help. Secured credit cards don’t have available balances of $15000 so that would probably not be an option.
One option is to improve your credit score by looking into a consolidation loan t wrap up and bring existing debt up to date. This is a viable option if time is not an issue but for most in financial need, time is always an issue. Sometimes just bringing up to date payments that are delinquent will cause a credit score to rise. A score of over 700 would probably be necessary to qualify for this amount with the appropriate income.
I would suggest looking into another type of lending product that still has the revolving credit feature such as a secured line of credit. With securing this would dramatically change the borrowers profile and they would have a better chance to qualify for $15000 revolving credit. The necessary equity would need to be available in their home to qualify. And if there where opportunities to clean up their credit I would suggest they build that into the line of credit amount and work on improving their over credit and financial situation.
This is how a lender would piece together a plan to help someone saying “I need a $15000 credit card with a 560 score” and it is important to note it is not inclusive. This just gives you an idea of how these types of problems would be approached by a lender.
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lol, i commented on the other area of this site. Credit cards were how my friend how had to get a loan with his bad credit. He had to one of these credit cards secured by deposit (his money I mean) just to rent a car.