Get a Credit Card with Bad Credit

Get a Credit Card with Bad Credit

The fact is that you need to get a credit card in order to rebuild your credit, but how are you able to get a credit card when you already have bad credit.

You are able to get a credit card with bad credit though, as there are many lenders who will want your business.


Also as a merchant you will need to improve your own credit score so that you are able to gain the services of SureSwipe for instance.

So how do you get a credit card with bad credit?

Options to Get a Credit Card with Bad Credit

There are fewer options available to you then if you had a good credit score. Even so, you should still shop around. There are credit cards that will carry high fees or interest rates. You will need to find the best possible card for the situation that you are in.
You will first need to check your credit reports and your credit score. You will most likely already have an idea of how bad your credit is but you will not know the extent until you check.

Once you have checked it, you are able to see the factors that are affecting your score and what strategies you can out into place so that you can get your credit score back on track.

It is also an idea to check your credit reports with all three of the major credit reporting agencies so that you can know what it is that is being reported and that the information is accurate.

It can be difficult to say what exactly constitutes a bad credit as there are many different credit scores available to lenders and each lender will decide for them what credit scores are acceptable.

A Credit Score 500 or Below

If you have a credit score that is below 500 then qualifying for a traditional card will be next to impossible.

To get a credit card with bad credit, a score of 500 or below will pose as a very high credit risk to lenders.

You are able to consider a secured credit card. This is where a security deposit is required as collateral which is usually equal to that of the credit limit of the card. A security deposit offsets the risk for the lender as it serves as a guarantee in the unlikely event that you will default on the card.

A secured security cards differ so you will still need to shop around. You will need to do your research and look at the features that are offered. Also not of the secured cards will report your payment history to the credit bureaus. If you want to rebuild your credit history then you need to ensure that the card will report the payments.

A Credit Score of 550

You will still have difficulty is getting a traditional credit card if your credit score is around 550. It will still be considered as a high risk to lenders and a secured credit card will be the best option.

A Credit Score of 600

If you are sitting at a credit score that is 600 you could still qualify for a traditional unsecured credit card with some lenders.

In saying this you will still have a few problems because you are still considered a high risk. The cards that you will qualify for will then most likely have high interest rates and fees.

A Credit Score of 650

If you have a credit score of 650 you are able to qualify for a traditional credit card more easily. A score of 650 still falls in the realm of a poor credit, so you can still expect interest rates that are high as well as higher fees until such time as your  credit improves with you payment history.

Once your credit improves and you break into the 700 range you will be able to take advantage of the benefits that credit cards offer.

The Future

You will want to keep your balances low when you have these cards and top pay the bill on time each month.

As long as you keep these two factors strong then you will see an improvement in your credit score and after a year or so you can think about applying for an unsecured card that will have better perks and fewer fees.

There are ways that you are able to get a credit card with bad credit which will help you to improve your credit score.