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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 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.

Do Prepaid Cards Have Chips

Founded in 2000, LowCards has helped millions of consumers research and find a new credit card. If you have limited or bad credit, prepaid cards give you the ability to pay for goods and services onli...

Published:  Wed, 08 Aug 2018 08:39:00 GMT



What You Need To Know About Student Credit Cards

The way he saw it, there was no reason to use credit if he only made purchases he could afford with cash. That may sound responsible, but it took us over six months of using a prepaid card to build hi...

Published:  Tue, 14 Aug 2018 01:13:00 GMT



Best Prepaid Cards for Traveling

A prepaid card is similar to a debit card-only it's not connected to any checking account. You sign up for the card, load it with cash, and use it like you would any other debit or credit card. Prepai...

Published:  Wed, 15 Aug 2018 04:54:00 GMT



Best Credit Cards For Women Business Owners

A business credit card provides you a credit line ... This card also offers 5X points for on flights and prepaid hotels booked at Amextravel.com. Cardholders can earn up to 75,000 Membership Rewards p...

Published:  Thu, 16 Aug 2018 08:53:00 GMT



Starbucks Rewards™ Visa® Prepaid Card Review

This branded prepaid card targets customers who don't want, or may not be able to obtain, a traditional credit card. It packs similar spending perks for Starbucks fans in a prepaid card that charges n...

Published:  Thu, 09 Aug 2018 15:47:00 GMT



Police seize more than 100 fake credit cards, IDs in Genesee County

18 federally indicted in Flint for Walmart prepaid card scam There were 18 people indicted ... a member of the alleged conspiracy would either slide an illegitimate credit or debit card or pretend to ...

Published:  Tue, 07 Aug 2018 13:14:00 GMT



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