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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 doesnít mean youíre 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 ďloadĒ 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.

Donít Over Apply

Simply enough, if two or three credit companies have rejected your credit card application donít continue with more requests until your credit history improves. Each time a credit check occurs you potentially impact your credit score. If you canít 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 youíre 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 canít 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 youíre having trouble obtaining a credit card look for prepaid and secured options until your payment history improves.

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Published:  Sun, 17 Mar 2019 09:59:00 GMT



5 Ways Having Bad Credit Will Hurt You

you may not get approved for the next credit card you want, or you may get approved with a lower credit limit and a higher interest rate than you'd like. The truth, however, is that having bad credit ...

Published:  Tue, 19 Mar 2019 03:07:00 GMT



Why Reward Credit Cards Can Be Bad For The Poor

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Published:  Sat, 16 Mar 2019 07:30:00 GMT



Don't Let Bad Credit Make You Homeless: 8 Ways to Get a Housing Loan

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Published:  Wed, 20 Mar 2019 06:21:00 GMT



5 Tips for Those with Bad Credit

With a bad credit rating, you won't be able to get a loan or line ... pay off debt quicker If you are simply paying the minimum amount due on your loan or credit card each month, you will just be ...

Published:  Fri, 22 Mar 2019 03:17:00 GMT



Money Mentors discuss how to handle credit cards

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Published:  Wed, 20 Mar 2019 14:39:00 GMT



5.5 And Holding: Fed Promises No More Rate Increases, Shielding Credit Cards

For now, memories of Ben Bernanke and seven years of 3.25% is a fond memory and today's 5.5% isn't so bad either. Here's a link to a classic reprise from Columbia Business School Follies as a stroll ...

Published:  Thu, 21 Mar 2019 08:36:00 GMT



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