No one is immune to bad credit. And when your credit score takes a big hit, it can be very hard to get it back on track. As a result, you’re then stuck with fewer financial options, particularly with fewer options for taking out a credit card.
However, you don’t have to be without a credit card if you have bad credit. Even better, if you choose a good credit card, you can slowly rebuild your credit. Here are three such cards that will help you if you have bad credit.
Capital One Secured MasterCard
People that want to rebuild credit scores and build a good credit history can get the Capital One Secured MasterCard. There are no annual fees and you can pick the size of the credit line on this secured credit card. Then, as you use this card, you can start checking your credit score with Capital One’s Credit Wise system and increase your credit line if you pay off balances on time.
How Does It Work?
First of all, you need to place a refundable deposit of $49, 99, or $200 that will open up a line of credit. [1] The amount deposited will be the amount you can borrow. As you build a good history with Capital One you’re credit line will increase without making additional deposits.
Indigo Platinum MasterCard
The Indigo Platinum MasterCard is perfect for people that have a history of financial difficulties, and they even accept people who’ve bankrupted before. You can apply for this card and see whether you qualify without having to suffer another hit on your credit. Moreover, this card doesn’t require a security deposit and comes with only a small yearly fee.
How Does It Work?
There’s no need to place a deposit or have a secure line of credit to get an Indigo Platinum MasterCard [3] All you have to do is make sure you pre-qualify. Of course, once the account is open, you will have to pay back the balance off each month to build your credit score back up and avoid high-interest rates.
Credit One Bank Unsecured Visa
If your credit has seen much better days, you’re probably unable to take advantage of common perks that come with owning a credit card. However, the Credit One Bank Unsecured Visa card gives you cash back rewards that net you 1% of all purchases no matter how low your score is. The rewards are put back on your statement and can help you pay off your balances sooner.
How Does It Work?
With the Credit One Bank Unsecured Visa, [3] you can pre-qualify without lowering your credit score and get the card without a deposit. There is only a small annual fee to pay, and the ability to choose the due date.
Start Fixing Your Credit Now
If your main goal is to repair or rebuild credit, a poor score can’t stop you with these cards. However, don’t apply for too many cards at once as this can lower your score further due to hard inquiries. In general, apply for cards that don’t require a hard inquiry for you to qualify. The easiest way to research is to look online and compare offers before signing up.
[1] https://www.capitalone.com/credit-cards/secured-mastercard/