Credit Cards for Bad Credit

Bad credit isn’t fun, but it’s not a financial death sentence — it’s more like probation. You can use credit cards for bad credit to help get early release.

Horizon Gold Card for Bad Credit

  • Horizon Gold Card with $500 unsecured credit limit
  • No credit check needed, Bad credit score accepted
  • 0% APR on credit
  • One time activation fee: $5. Monthly membership fee: $24.95

Even With Bad Credit, You Can Get Credit Cards

bad credit credit cardsHave you applied for a credit card and been rejected because of your bad credit? Beat this bad rap by building it using credit cards for bad credit.

Here is a list of the top-rated credit cards or poor credit:

  1. Capital One secured MasterCard
  2. First Progress Platinum Elite MasterCard
  3. Surge MasterCard credit card
  4. First Premier Bank credit card
  5. Milestone Gold MasterCard
  6. Discover it secure card- No annual fee

Avoid the Rejection Spiral When Applying for Credit Cards

Before you rush and sign up for credit cards for poor credit, there are a few things you need to know. If you’re not careful, it can cost you big financially and on your credit report. Plus, having too many credit cards risks more debt, and your goal is to rebuild your credit and get out of debt.

When you get a rejection, don’t immediately apply for another credit card right away — applying for and getting rejected by too many cards in a short period can damage your credit. You want to avoid the dreaded rejection spiral by all means necessary, as this put your credit score in the dumps for a long time.

The best thing to do is find out exactly why the credit card issuer rejected you. There a number of reasons, including incorrect info on your credit file or bank error. Your credit score may even be OK, but maybe you mistakenly applied for one that requires an excellent score. The credit card issuer can tell you this.

Before beginning the credit application cycle, check your credit score and report for free at Credit Karma or Credit Sesame. Checking your own score will not affect you. This gives you a better chance of finding the credit card that you’ll qualify for without submitting multiple applications.

More Information about Different Types of Credit Cards

What’s on Your Credit Report Matters

Your credit report plays a huge role in virtually every financial decision in your life, and credit card issuers use this information to decide whether or not to issue you a card. If you have blemished credit, then there’s a good chance the more premium credit cards will turn their noses up at you. But don’t let these credit snobs get you down because this elite group is easier than you think to get into. You just have to manage your credit wisely with these tips:

  • Check what’s in your report and dispute any accounts you don’t recognize.
  • Find any collection accounts and reach out to set up payments or settle the account.
  • Verify your personal information is accurate, like name, address, employer, etc.
  • Make sure to keep all your current accounts in good standing.

Use Credit Cards for Bad Credit to Build Your Credit

After receiving credit cards for bad credit, ensure you pay by the due day. Even with bad credit credit cards, paying on time improves your credit score. It lets lenders know you can be trusted, thus increasing your chances of qualifying for better credit cards in the future.

Use this credit card for everything, from groceries to utility bills. Pay off as much as possible after the bill is posted. The more the better, If possible, pay the card off in full. It is a myth that leaving a balance on your card is beneficial to credit. By paying off your card in full, you avoid interest and credit utilization. The more you use the card and pay it off every month, the more positive credit history you build.

After a period of time using a bad credit card, you may be presented with an option to modify your credit card terms or even upgrade your card to a different one with better rates and rewards. Be sure to contact your company after 6 months or so to see if you might qualify for those options.

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