How to get a credit card with bad credit? It’s no secret that a good credit score is very important. A strong credit score can help you qualify for loans, get better interest rates, and even land a job. But what if you have bad credit? Is it still easy to get a credit card?
The answer is yes! There are more options for people with bad credit. Here are a few tips on how to get a credit card with bad credit:
- Check your credit report and score. The first step is to know where you stand. Pull your credit report & check your score. If you have bad credit, you may still be able to qualify for a “secured” credit card. This type of card requires a deposit, which acts as your collateral in case you can’t pay your bill.
- Look for cards that offer pre-qualification.
What is a bad credit score?
When it comes to credit scores, there is no definitive answer as to what is considered a bad credit score. However, generally speaking, a score below 630 is considered poor and will make it difficult to obtain new credit. A score below 560 is considered very poor and will likely result in rejection from most lenders.
There are a number of factors that go into calculating a credit score, including payment history, credit utilization, and length of credit history. If you have missed payments or have maxed out your credit cards, your score will suffer. Additionally, if you have only recently established credit, your score may not be as high as someone with a longer history.
While there is no magic number that determines whether or not you have bad credit, the lower your score is, the more difficult it will be to get approved for new loans or lines of credit.
Capital One Platinum Secured Credit Card: Best for re-building credit
For those with bad credit, the Capital One Platinum Secured Credit Card is the best option for rebuilding credit. This is because it has a lower APR and annual fee than most other secured cards.
Additionally, Capital One reports to all three major credit bureaus, so using this card responsibly can help improve your credit score over time.
Mission Lane Visa Credit Card: Best for low-annual fee
If you’re looking for a low-cost credit card with no annual fee, the Mission Lane Visa Credit Card is a great option. This card offers a 0% APR on purchases and balance transfers for the first 15 months, and then a variable APR of 14.49% – 24.49%.
You’ll also earn 1% cash back on all purchases, which can be redeemed for statement credits, gift cards, or merchandise. There are no foreign transaction fees, and you’ll get fraud protection and 24/7 customer service.
Discover it Secured Credit Card: Best secured card along with rewards
If you’re looking for a secured credit card with great rewards, the Discover it Secured Credit Card is the best choice. With this card, you can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, plus 1% cash back on all other purchases. Plus, there’s no annual fee.
To get started, you’ll need to provide a security deposit of at least $200. Your credit limit will equal your deposit amount, so if you deposit $500, your credit limit will be $500. As you use the card and make timely payments, you’ll eventually be eligible for an unsecured card with no deposit required and a higher credit limit.
Petal 1 “No Annual Fee” Visa Credit Card: Good for unsecured credit-building
The Petal 1 Visa Credit Card is one of the best options for those looking to build their credit. This is because it has no annual fee and reports to all three major credit bureaus.
Additionally, it offers a relatively high credit limit and cash back rewards on everyday purchases. Overall, the Petal 1 Visa Credit Card is an excellent choice for anyone looking to build their unsecured credit history.
Self – Credit Builder Account with Secured Visa Credit Card: Good for building credit with savings
If you’re looking for a way to build your credit with savings, then a Self Credit Builder Account with a Secured Visa Credit Card is the best option for you.
This account allows you to deposit funds into a savings account which is used as collateral for a secured credit card.
You can use this card just like any other credit card, but your spending is limited to the amount of money you have deposited into the savings account. This is an excellent way to build your credit score while also saving money.
OpenSky Secured Visa Credit Card: Best for low interest credit building
For those looking to build their credit, the OpenSky Secured Visa Credit Card is one of the best options available.
This card offers a low interest rate on purchases and cash advances, making it ideal for those who are looking to establish or improve their credit score.
Additionally, the OpenSky Secured Visa Credit Card offers a number of great perks, including no annual fee and a rewards program that lets you earn points on every purchase.