Card Options for Bad Credit

Having a poor credit score can affect so many different aspects of life. A poor credit score can have a negative impact when purchasing a new house, applying for a credit card, taking out a loan, or even applying for a new job. Although it might seem as though it is going to take decades to get your credit score back to where it was, there are many options available that will help you improve your credit score in no time.


The quickest way to improve your credit score is to apply for a credit card. For those who have poor credit, it can be difficult to get approved for a credit card for obvious reasons. Lenders want to be as certain as possible that they will profit from lending you money. The easiest way for them to be sure is to check your credit score.

That said, there are many credit cards that are specifically for those who have poor credit or no credit at all. Most banks have credit cards that they can issue to 18-year-olds and college students who are just beginning to build their credit. The credit cards typically have an interest rate of 10% or higher and they usually have a $500 or lower credit limit. However, these cards can be very useful for increasing your limit if you just spend a little at a time and pay off the entire balance each month.

Even if the only credit cards that you can get approved for have few or no benefits, extremely high interest rates and extremely low credit limits, it still might be worth it to accept the offers. Even if you just spend $10 on the credit card each month and pay it off right away, your credit will greatly improve over the following six to nine months.

If you simply cannot get approved for any credit card that you apply for, you should consider applying for a secured credit card. To approve for a secured credit card, the borrower must first pay the lender a sum of money that is equal to or above the credit limit. This provides insurance that the bank will not lose any money from the exchange. Almost everyone can get approved for a secured credit card, since there is no risk involved for the lender.

Although it might seem pointless, it is actually very beneficial to obtain a secured credit card. It is vital that you do not use these credit cards to pay for things you cannot afford. Instead, purchase an item of minimal cost on the credit card, such as bread and milk, every month and pay off the balance right away. That way, your credit will improve and you will be able to get a regular credit card within a year.

As you can see, there are many different credit card options available for individuals who have poor credit. Once you have decided what kind of card to apply for, you should shop around to find the best deal. Visit Moneysupermarket to compare credit card offers side by side on the same webpage. This will allow you to select the best credit card with ease.