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Credit Card Alternatives for Poor Credit Scores

Lax credit rules, over spending, a weak economy and a startling number of unemployed workers have many consumers licking their financial wounds. Starting over financially is no walk in the park but is a necessity to get back on your feet and headed in the right direction.

Don't Over Apply
First of all, keep in mind that if you're not having any luck with applying for a credit card with the traditional banks - don’t continue to apply. Each time a credit check occurs you potentially impact your credit score further.

Credit Card Alternatives
This may be easier said than done. Many lenders will reject applications for credit from those with poor credit. But that doesn’t mean you’re completely out of options. Having access to a MasterCard or Visa is necessary in many situations and doing without is nearly impossible for some. Consider these alternatives:

  • 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 can afford.
  • 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. This is considered a starter credit card to help get you back on your feet.
  • Bad Credit - Credit Cards are specifically designed for those with poor credit history and a low score. Some companies may still be willing to issue a line of credit. HOwever, be prepared for hefty fees and penalties of any credit card you obtain. Credit card companies willing to risk a line of credit to someone who has been historically irresponsible are going to charge fees.. Annual fees can range from $50 to several hundreds of dollars and are hard to avoid. Credit limits on these types of cards are typically very low and may even require collateralization.

Establish a Payment History
Once you’re able to gain access to even a 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.

Tampa Bay job centers gave away millions in credit cards and boosted hiring totals

He did, and the counselor sent him a $200 prepaid credit card, which he spent on tolls and gas. "It definitely took me by surprise," Ousley recalled. The state's CareerSource centers train jobseekers on basic skills, like interviewing and building ...

Published:  Thu, 21 Jun 2018 02:26:00 GMT



Sign Up for Free Trials With a Virtual Credit Card

If you routinely forget to set calendar reminders to cancel free trials before they auto-renew, consider using a prepaid card instead of your credit card, as this Redditor recommends. This is helpful for two reasons: One, if you forget to cancel before it ...

Published:  Tue, 19 Jun 2018 11:37:00 GMT



Prepaid Travel Cards

Before you pick a prepaid card, check out the other options. Travel credit cards are often less of a faff than loading these before you go. But if rate certainty or tight control of your budget is what you want, then prepaid cards work well as once loaded ...

Published:  Tue, 19 Jun 2018 08:29:00 GMT



MatchMove Teams Up With tmu to Enable Contactless Prepaid Mastercard in South Asia

MatchMove reported that the prepaid card allows users in India to make contactless payments ... According to a report by investment banking firm Credit Suisse, digital payments in India currently aggregate just under USD 200 billion, of which mobile ...

Published:  Fri, 22 Jun 2018 09:00:00 GMT



Starbucks and Chase just announced a cobranded prepaid card

And the rewards offerings compound those advantages.Most prepaid and debit cards don't come with rewards incentives of their own - it's hard to find rewards-based cards that aren't credit cards - which makes the Starbucks product unique. It offers ...

Published:  Wed, 13 Jun 2018 07:30:00 GMT



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