There are no set criteria for bad credit. However, If your credit score is lower than 600 or less, many credit card firms consider it as poor credit (though they’ll refer to it using the more popular term“subprime”).
If you’re trying to boost your credit score with cards or credit cards Here are some suggestions on the path you ought to think about: bad credit credit cards
Step 1: Does Capital One or Discover approve you?
Capital One and Discover are the two biggest credit card issuers and are the most welcoming to those who have a poor score on credit.
It is likely that you will not be qualified for their top credit cards, but you will also get an unacceptably low credit limit should you be you are accepted, however, your odds are best with these two banks, which is the reason we suggest that to test them first.
Do a Pre-Approval
If you’re not sure whether you’ll get approved, submit pre-approval, or pre-qualification with Capital One and Discover.
The application form is filled in and they perform a “soft inquiry” on your credit report to determine which are the most likely credit card to allow you to apply for.
Although a pre-approval does not guarantee you’ll get the card however it will provide you with an idea of the probability. Check out the following websites to begin:
- Capital One Credit Card Pre-Approval Page
- Discover Card Pre-Approval Page
Cards You Might Get Approved For:
- Capital One Quicksilver or Capital One QuicksilverOne If your credit score isn’t great, Capital One might approve you for one of these cards. It offers 1.5 percent cash-back on all transactions. If you’re allowed to utilize the QuicksilverOne version for the card, be aware that it has an annual cost which is $39.
- Capital One Platinum Capital One Platinum – Capital One Platinum is the most basic credit card for those who have lower than perfect credit. There are no rewards, and it has a high-interest rate however there is no annual fees. It could be the ideal option in the event that you’re unable to obtain secured credit from another source.
- Locate the HTML0 code. In the event that your credit rating isn’t overly poor, you may be qualified for this reward card that doesn’t charge annual charges. It offers 5 percent cash back on categories that rotate, and percent cash back on the other categories.
- Learn more about it using Chrome In the event your credit score isn’t the best it’s likely that Discover will accept your credit card without an annual fee. It provides you with 2 percent cash back on food and gas purchases, and 1% on all other purchases.
- Discover Secured Credit Card and Capital One Secured Card If you’re offered any of the above-mentioned cards the reason is that you have a credit rating not sufficient to allow you to obtain a non-secure credit card. It is a good idea to consider taking out a secured credit line could be a good alternative for people with weak credit. But, as with “regular” credit cards, secured credit cards require the repayment of a security deposit that can be refunded in order to acquire a credit card.
- We’ll come back to the idea of secured credit in the next post If you decide that a secured credit card is the only alternative, you should be aware of the other options Capital One or Discover is offering there are plenty of other alternatives you could think about before you go down the route of a secured card.
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Step 3. Establish Credit by using a secured credit card
A secured credit card is a great method of building credit. You need to put up a security deposit to qualify to be eligible for a credit card.
In reality, however, secured credit cards are a fantastic option to gain access to the doors of a big bank.
The majority of credit cards that are secure “graduate” to unsecured cards after a certain period of time after you’ve paid off your balance within the timeframe, which is often as little as six months.
This means that you could be left with a “regular” unsecured card and get your security deposit returned to you in a very short period of time.
In addition, secured cards generally have low fees and rates of interest as compared to “bottom feeder” unsecured cards which cost a considerable amount, and offer just a tiny amount.
Our choices for the most secure credit cards are:
- Discover it Secured Card
- Bank of America Cash Rewards Secured Card
- Navy Federal Credit Union rewards Secured Credit Card(must be an existing credit union member before)
Bad Credit Credit Cards Are A Means To An End
The tips above might be the very first steps to the possibility of obtaining an account with a credit line as well as the chance to improve your credit score following difficulties earlier.
However, they’re not the only ways to get more favorable credit cards and the possibility of a better score on credit.
If you make your payments on time and keep your balances on credit cards down, you’ll be able to see banks are getting more and more plentiful and will give you better quality and more expensive credit cards.
bad credit credit cards FAQs
What does “bad credit” mean in terms of credit cards?
Bad credit is generally defined as a credit score below 630 on a scale of 300 to 850. Credit scores measure how safe or risky it is to lend to someone. The higher the risk, the lower the score. If you’ve made mistakes with credit — missing multiple payments, maxing out accounts, having bills turned over to collection agencies, your score can drop into the bad-credit range. Also, if you’re new to credit, you might not have a credit score at all, which in many ways is functionally equivalent to bad credit — you’re considered a higher risk because you haven’t yet demonstrated your ability to handle borrowed money.
Can I get a credit card if I have bad credit?
Multiple credit card issuers have cards specifically designed for people with bad credit. (They’re often advertised as ideal for “rebuilding” credit.) These are generally “starter cards” — they don’t offer rewards or perks, they charge high interest rates, and some of them come with steep fees. NerdWallet generally recommends secured credit cards to people with bad credit. Secured cards require you to put down a cash deposit that the card issuer holds as collateral in case you don’t pay your bill. You get that money back when you close your account in good standing or upgrade to a regular card.