Credit Cards for Bad Credit

Compare bad credit credit card options below

Master the Art of Bad Credit Before Applying for Credit Cards

bad credit credit cardsHave you applied for a credit card and been rejected? Find out why you have been locked out. Try to build your credit rating using bad credit credit cards.

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

The Golden Rule of Bad Credit when Applying for Credit Cards

Before you rush to get yourself credit cards for poor credit, you must know a few things. If not careful it can cost you large. You don’t want that to happen. After, all your main aim is to rebuild your rating and get out of debt.

Don’t apply for a card straight away after rejection. If you apply for too many cards you may receive multiple rejections in a short time. You would want to avoid this dreaded rejection spiral by all means. Multiple rejections can mess up your credit score for a whole year.

The best thing to do first is to know the exact reason you were rejected. There a number of reasons including incorrect info on your credit file or bank error. You might have a good score and apply for a card for those with an excellent score. Know the criteria first.

We at Financer.com listed some of the best credit cards for people with bad or poor credit score – See the list above. You can check your rating without affecting your score. This gives you better chances of being accepted while minimizing multiple applications.

More Information about Different Types of Credit Cards

Other Factors at Play

  • How you have managed your credit accounts showing up at the Free Experian Credit score
  • How lenders rate your past credit behavior
  • Your profiles’ strong and weak points

Timely Payments Counts

After receiving credit cards for bad credit, ensure you repay at least the minimum. Paying on time improves your credit score. It assures lenders you can be trusted. This increases your chances of being given credit in future.

Ensure you meet the monthly commitments in full. You will also be eligible for promotional offers. Remember any missed payments will be reported to the credit reference agencies.  There are also fees associated with late payments.

Rebuild your Credit Rating with Credit Cards For Bad Credit

You may use your card to consolidate debts. Another option is to use your existing bad credit credit cards to achieve the same. This can save you from paying interest when applying for new cards.

Next, you can have credit cards with no debt on. Ensure you first check the APR on these existing plastics before spending on them.

However tempting it might be getting cash advances on these cards is a wrong idea. Repeated cash withdrawals on a credit card raise a red flag. The fact that it’s expensive to do so makes you appear desperate for cash. Lenders will hesitate to offer you credit.

Is There Interest On Cash Withdrawals on a Credit Card?

You might not always get the advertised APR. There are some card firms which will impose a higher APR on people with lesser credit histories. However, if you use the cards right, you will not need to worry about higher interest.