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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.

Paying college tuition with a credit card: Bad idea

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Published:  Sat, 18 Aug 2018 04:00:00 GMT



Kentucky's credit card debt is good news and bad news, according to report

Kentucky was among the states where credit card debt increased the least last year, according to a report released Thursday by Experian, the credit monitoring firm. Credit card debt increased by 4.77 ...

Published:  Fri, 10 Aug 2018 13:48:00 GMT



If You've Got Bad Credit, This Card Can Help You Fix It-and Won't Charge an Annual Fee

Finding great credit cards for people with bad credit can be difficult. If you have no credit history or a bad credit profile - in general, that means a FICO score of 600 or lower, though this can var...

Published:  Tue, 12 Jun 2018 12:22:00 GMT



Use this credit card to help avoid bad credit!

If you miss a single monthly rent or mortgage payment, the financial damage can last far longer you think. Even if you make good any shortfall the following month, it can mess up your credit report fo...

Published:  Fri, 06 Jul 2018 01:39:00 GMT



Credit rating myths: Can a bad history REALLY put you on a blacklist

This is Money has debunked the myths to help you better understand the process behind what makes up your all-important credit history. Three quarters of all of the people surveyed by Which believe th...

Published:  Wed, 30 May 2018 18:00:00 GMT



Why Repaying Federal Student Loans on a Credit Card Is a Bad Idea

The long and sometimes painful process of repaying student loan debt can sometimes lead people to consider creative ways to relieve the financial pressure or work the system to gain some extra reward ...

Published:  Tue, 10 Jul 2018 13:00:00 GMT



Best Credit Cards for Bad Credit

A low credit score doesn't necessarily preclude you from getting a credit card. It just means you may have to be more strategic about which cards you apply for. A number of major credit card companies ...

Published:  Mon, 21 Aug 2017 14:40:00 GMT



Best Credit Cards for Bad Credit

A low credit score doesn't necessarily preclude you from getting a credit card. It just means you may have to be more strategic about which cards you apply for. A number of major credit card companies ...

Published:  Mon, 21 Aug 2017 15:10:00 GMT



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