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      October 22, 2017

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Credit Cards for Poor Credit Scores

Overspending, a week economy and a startling number of bankruptcies have many consumers licking their wounds. Starting over financially is no walk in the park but is a necessity to get back on your financial feet. The game plan now is to show creditors that you can be responsible in a number of ways but how should you get started?

Obtain a Credit Card

This may be easier said than done. Many lenders will reject applications for credit from those will poor credit. But that doesn’t mean you’re out of options:

  • Prepaid Cards are one option for those unable to qualify for a credit card. Essentially they work independently from your credit score and do not impact you positively or negatively on your credit history. The basis of a prepaid credit card is that, for a fee, you may “load” the card in advance via a cash payment and then are able to use it as needed. Again, prepaid card companies will not report your responsible spending to reporting agencies but will help you learn to stay within your budget and get you into the habit of only spending what you have available.
  • Secured Credit Cards are similar to a prepaid card but do work in conjunction with your credit score. Typically a customer is able to obtain a secure credit card via a cash deposit. After several months of making monthly payments and staying within the credit limit, a secured credit card company will often issue a line of credit that is more similar to an unsecured credit card.

Don’t Over Apply

Simply enough, if two or three credit companies have rejected your credit card application don’t continue with more requests until your credit history improves. Each time a credit check occurs you potentially impact your credit score. If you can’t get a credit card today but need access to a Visa or MasterCard, start with a prepaid card where credit score is a nonissue. This will get your through the rough period and help create responsible spending habits.

Establish a Payment History

Once you’re able to gain access to even a very small line of credit treat it with the upmost importance. Demonstrate that you can make monthly payments on time each month and spend only within your credit limit. This practice done consistently will eventually earn you a larger line of credit at cheaper interest rates. Payment history is one of the top contributing factors to your credit score and is a large factor is gaining the approval of future lenders.

Unfortunately you can’t wave a wand to magically place an unsecured credit card into your pocket. But there are options out there for those with damaged credit. If you’re having trouble obtaining a credit card look for prepaid and secured options until your payment history improves.

Do Rewards Credit Cards Make up for Bad Interest Payments

Is there such a thing as a "good interest payment" on a credit card for rewards The answer may surprise you because it depends on you, what your goals are, and if it's the best rewards credit card. The answer also rests on how many "˜bad interest ...

Published:  Thu, 19 Oct 2017 08:06:00 GMT



60% of Credit Card Accounts Carry a Balance. Here's Why That Isn't Necessarily a Bad Thing.

It's generally a bad thing to carry a balance on a credit card. The typical credit card charges an interest rate of about 15% per year on balances, with some rising as high as 29% when penalty interest comes into play. Given short-term interest rates are ...

Published:  Mon, 16 Oct 2017 05:00:00 GMT



Best credit cards 2017: 10 top picks for students, travel, rewards, balance transfers and bad credit

If you're in the market for a new credit card, it's a good idea to apply before interest rates go up again. Ti_ser/Shutterstock If you're in the market for a new credit card, it's a good idea to apply before interest rates go up again. Ti_ser ...

Published:  Wed, 27 Sep 2017 21:06:00 GMT



3 Signs You're Getting a Bad Credit Card

There are, amazingly, more than 600 million credit cards out there issued by the main credit card networks. When you add in several hundred million store cards and gas station cards, the grand total tops a billion. It's not a matter of having more than a ...

Published:  Fri, 29 Sep 2017 15:16:00 GMT



Why 0% financing from retailers can be a bad deal

What you may not realize: That offer is probably a credit card. Play by the rules, and you get a no-interest loan. However, if you go too late on a payment, misinterpret the payoff date or lose your ability to pay, you could end up with a hefty interest ...

Published:  Thu, 12 Oct 2017 01:00:00 GMT



4 Best Credit Cards You Can Get with Bad Credit

In order to provide the most comprehensive product lists on the web our editors test products, read reviews, and thoroughly do their research to ensure all products are quality and highly recommended.

Published:  Wed, 28 Jun 2017 10:32:00 GMT



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