Poor Credit? Here’s What Credit Cards You’ll Likely Qualify For

Bad credit can happen to the best of us. Once your credit score falls below what is considered “good”, it can be difficult to get back on track and make improvements to your score. With a low credit score, you will have fewer financing and credit card options. Fortunately, poor credit does not always mean you have to go without a credit card. There are credit cards designed to help you rebuild your credit and get back on track.

Capital One Secured Mastercard

If you are looking to establish a solid credit history and improve your credit score, the Capital One Secured Mastercard should be on your list. The card has no annual fee and you are in control of the credit line. Once the card has been opened and a positive payment history is established, you will be able to access CreditWise from Capital One to monitor your credit score. With consistent on-time payments, you may be able to obtain credit line increases without making additional deposits.

How It Works:

A refundable deposit is required to establish a line of credit. The amount you choose to deposit will be your credit limit until you have established an on-time payment history.

Who Should Apply?

Anyone looking to increase their credit options, build credit and establish a positive payment history.

Indigo Platinum Mastercard

If you have experienced financial challenges, finding a credit card company to offer an unsecured line of credit can be difficult. Fortunately, the Indigo Platinum Mastercard is available for individuals with less than perfect credit. The credit requirements are a bit more relaxed, allowing even those who have filed for bankruptcy to open an account. Applicants have the ability to see if they pre-qualify before submitting an application. This is good news for those who are trying to avoid multiple inquiries on their credit report. There is no security deposit required and the annual fee is small, making this an affordable choice.

How It Works:

The Indigo Platinum Mastercard does not require applicants to make a deposit to secure the line of credit. Once the account has been opened, it is important that the balance is paid on-time every month to increase your credit score and avoid high interest and penalties.

Who Should Apply?

Anyone who has poor credit, has recently filed for bankruptcy, or looking to improve their credit score.

Credit One Bank Unsecured Visa

When your credit score falls into the “bad” or “poor” category, many of the perks of owning a credit card will not be available to you. Most cards will require a security deposit and you will not get to earn rewards or cash back. Credit One Bank is looking to change that with their unsecured visa card. The credit card comes with cash back rewards allowing customers to receive one percent cash back on purchases. The rewards can be used to help pay off purchases faster.

How It Works:

The Credit One Bank Unsecured Visa will allow you to see if you qualify before a hard inquiry is placed and your credit score affected. It is important that the balance is paid off each month to avoid high interest. Credit One customers even have the option of changing their due date to accommodate their budget and pay dates. With a small annual fee, the card can be a great choice for anyone.

Who Should Apply?

Anyone with less than perfect credit.

Final Thoughts

If you are looking to repair or rebuild your credit, do not let your current credit score prevent you. There are credit card options designed for people with below average credit scores. If the credit card is used wisely and payments made on time you will see an increase in your credit score pretty quickly. An important factor to remember as you look for a credit card that fits your situation is that you do not want to overextend yourself. You also want to be mindful of inquiries on your credit report. Every time a hard inquiry appears on your report, you could lose precious points. While it might seem tough to find a card to fit your situation, you have credit card options to help get you back on track.