If you have a bad credit score, you've probably been turned down for at least one credit card. It's tough to rebuild a bad credit score since few credit card issuers are willing to give out credit cards to people with bad credit history. Fortunately, there are a handful of issuers who have credit cards specifically for people with low credit scores.
For example, Capital One has two credit cards for people with bad credit - the Classic Platinum and the Standard Platinum. The two cards aren't that different, one has a higher annual fee and lower interest rate and the other has the opposite - a lower annual fee and higher interest rate. You'll get a minimum credit limit of $300, which is just enough to start rebuilding your credit.
Orchard Bank has a line of credit cards for people with bad credit. The one you're ultimately approved for depends on just how bad your bad credit is.
You can get a credit card with bad credit, you just have to know where to look. Don't be afraid to apply for a secured credit card. It requires a security deposit, but after 12 months of responsible use, you can often apply for an unsecured credit card.
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With the secured credit cards, what kind of deposit needs to be made? Is it 100% of the credit limit, or more like a percentage?
I am just curious. I hear a lot about using them to strengthen your credit score, but have never really heard if you have to secure the entire card limit or just part of it.
It varies by credit card issuer – some give you 100% of the deposit and others may only give you a percentage.
The only thing with using secured credit cards is that one late payment (sometimes by as little as a few days) and the agencies instigate steps to immediately seize the secured asset. Often there’s very little leeway
A great way to build up your crediy rating is to get a cataloge as they give them out easily and start building your credit rating,, it has worked for me,,