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Credit Cards for People with Bad Credit

If your credit is bad, either because of a bankruptcy or just poor debt management, it can be very difficult to get a credit card, and if you do, it’s likely to cost you an arm and a leg. However, there are some cards that offer reasonable terms and rates to those with bad credit. Here are five of the best.

1. Digital Federal Credit Union Secured Visa

The secured credit card from Digital Federal Credit Union doesn’t charge an annual fee, which is almost unheard of for secured credit cards for people with bad credit. The only charge to get the card is the $10 fee to join the credit union. The card also doesn’t charge fees for cash advances nor does it charge a higher interest rate on cash advance balances. It also has no balance transfer fee. And the interest rate is an extremely low 11.5 percent.

2. Capital One Secured MasterCard

The Capitol One Secured MasterCard has one of the lowest security deposits of any card, with as little as $49 required for a starting credit limit of $200. The card also has a low annual fee of only $29, which is below the industry average for secured cards.

3. OpenSky Secured Visa Credit Card

If you need to get credit card with bad credit, another card with a low annual fee is the OpenSky Secured Visa Credit Card, which also charges only $29. Another benefit of the card is that it gives monthly reports to Experian, Equifax and TransUnion, which can help you build your credit faster if you use the card responsibly. The card carries a reasonable interest rate of 17.5 percent.

4. Harley-Davidson Secured Credit Card

The best feature of the Harley-Davison Secured credit card is that it requires no annual fee, and it also has a reasonable minimum security deposit of $300. It does carry an interest rate of 23 percent, however.

5. First Choice Bank Primor Secured Visa Gold Card

 

One of the Primor’s cards best features is that you are guaranteed to be approved if your income exceeds your monthly expenses by at least $100. The card also has an ultra-low 10 percent interest rate, although it’s annual fee of $49 is above the industry average.

How To Get My Credit Score Free

Your credit scores are a strong indicator of your financial health. They reflect your ability to pay your debts in a timely manner, to take on debt in a responsible and manageable fashion and other factors. When you apply for a new loan, sign a rental application for a new home, apply for new insurance or even when you apply for a new job, your credit scores may be reviewed. Higher scores indicate that you are financially strong and responsible, and lower scores may be a sign that you need to take steps to improve your credit rating. Because of this, it is important that you actively monitor your credit score. You can most easily monitor credit report for free when you use Credit Karma.

Many people want to find my credit score, but they simply do not know how to do this. Some people think that they must request their credit scores from the lender or bank they work with when applying for a new loan. However, this is not the case. When you sign up for Credit Karma, you will be able to monitor your credit scores at any time and can take appropriate action to improve your credit scores if necessary.

If you notice that your credit scores are lower than you would like them to be, you can easily review the credit report line by line. In some cases, a lower than expected credit score will be due to an error. If you notice an error, you can contact a credit bureau and the creditor reporting the information incorrectly, and the error can be corrected. In other cases, a lower credit score may be due to financial challenges, slow or late payments or other factors. It may also be due to high revolving account balances, too many trade lines open, too many recently opened accounts or other factors. Keep in mind that your credit score can change frequently as each of these factors change. Therefore, you may want to continue to monitor your credit report for free through Credit Karma.

There are many steps that you can take to improve your financial situation. You may try to make your payments on time, reduce debt balances and more. However, one of the best steps that all individuals can take is to sign up for Credit Karma and to start actively monitoring credit scores. You can take this step today to get started.