Credit Cards for Bad Credit Score

Is it possible to have a credit card even with your bad credit score? Yes, it is although there are going to be a lot of limitations and restrictions. It may not be easy on you to prove yourself of your trustworthiness but it is a start, anyway. As long as you are committed and you really try your best to deal with your financial chaos, getting the right credit card for the bad credit can really help.

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The Credit Card for the Bad Credit Score

The bad credit cards are basically credit card service for those with bad credit score. The idea is to provide a way for them to fix the score as well as provide a mean of payment. Such credit card may require you to make a deposit and then have a limit below the deposited amount but it gives you the chance to improve your condition. For instance, you may have to make a $250 deposit and your credit card limit is $200 but if you make a wise spending habit and you are consistent with your payment, your credit can improve. In some providers, you may make a $250 deposit and use that amount for your limit. Each provider has different regulations and implementations.

Example of Providers

There are some great examples of bad credit card provider, such as the Discover It Card. You will have to make $200 deposit and that will be your limit. But when you use the card, you can get 2% cash back at any restaurant with a quarter $1000 limit. The company will report to the credit reporting agencies and also review your financial activities within 12 months. If you are considered qualified, you can get the unsecured card and get your deposit back.  There are still other providers out there willing to do the same service and offer – you only have to look around.

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October 25, 2016