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.

Even With Bad Credit, You Can Get Credit Cards

bad credit credit cards

Have you applied for a credit card and been rejected because of your bad credit? Beat this bat 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, and don’t let too much of a balance roll over each month — this is where you have to game the system just a bit. You have to allow a small amount to roll over each month to establish your credit history, but too much of a balance rolling over will result in huge interest charges. So, pay off all but about 20% of the card’s total credit limit — if you have a $100 credit limit, always keep a $20 balance — and repeat this month after month. Yes, you will pay a little interest, but you’ll also see your credit score start rising. Consider that interest a credit-score-increase fee.

 

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