Having a bad credit score is not an ideal situation and the steps required to correct it can be a tremendous task. It can be a challenging task to get approved for a credit card with a bad credit score too. The following list comprises of top five credit can which can be the best for customers with bad credit scores.
1. Capital One Platinum Secured Credit Card
If you are a customer with a bad credit score and are in search of a card that is affordable to your current credit score, well look no further. Capital One Platinum Secured Credit card is one of the best picks if you are looking for a way to rebuild your credit.
One of the most important and attractive features of the Capital One Platinum credit card is that there is absolutely no annual fee for the card. While most other cards which target customers with low credits are loaded with different fees like annual fees or monthly maintenance fees which can sometimes go up to the range of $100 per year, Capital One Platinum Secured credit card has a $0 annual fee.
The card also allows you to fund a $200 initial credit line by making a deposit of just $49. Not only this, but the cardholder is also provided with a suite of various useful tools which will help them to keep a track of their credit scores, payments, and available balances and be fully aware of their status.
It should also be noted that Capital On will review the account of the cardholder automatically after six months. If they find that the payments had been made in time, the cardholder can proceed to an insecure Platinum card and also get their deposit refunded.
2. Discover It Secured Credit Card
If rebuilding your credit score is your prime concern, Discover it secured credit card is the right thing for you. Even though the idea of paying a security deposit might not be much pleasing for most people out there, the card also offers some other very useful features. Like Capital one Platinum Secured, Discover also doesn’t have an annual fee.
Just like all other secured credit cards, Discover also required its user to make a security deposit to open the account and the amount deposited will determine the credit limit of the card.
The minimum amount to make a security deposit for Discover t is $200 and the limit goes up to $5,200. The amount to b deposited can be made according to the willingness of the cardholder.
Discover guarantees its members an automatic review of the card after a seven-month period. If this review shows a satisfactory result, the cardholder is entitled to a transition to an unsecured card and also a chance to get back the security deposit made by the cardholder.
It should be noted that the chance of transition is not offered by the most secured credit cards in the market. The card also guarantees different rewards and cashback for the transactions you make, which makes Discover it is one of the best choices for people with bad credit scores.
3. OpenSky Secured Visa Credit Card
If you are someone who is struggling to qualify for a secured card as you don’t have the required credit, OpenSky Visa Credit Card is a good option. It is very easy to get qualified or approved for this secured credit card even if you don’t have a bank account and are without any credit checks.
The process to get approved for this secured card is comp[aratively very easy and the customer can find out whether they are approved or not within a very short time – almost instantly. The card also opens the possibility to get approved for an OpenSky Gold Unsecured card within a very short span of as short as six months.
Some of the other notable features of the card are that it is very easy to submit, which can take around five minutes or less, and also that the process can be done even from our mobile phones. The card also allows the cardholder to choose an ideal payment date that fits their payment schedule.
4. Mission Lane Visa Credit Card
Mission Lane Visa Credit card can be a good short-term choice for people with a bad credit score or a short credit history, who are trying to take their credit scores up. Most people who look for a card with a bad credit score often turn to secured cards, where they will have to make a security deposit.
Some secured cards start with $100 or $200 as their security deposit which won’t be as easy for everyone. One of the main advantages of the Mission Lane Visa Credit card is that it does not require any kind of security deposit but the catch is that the card will levy an amount as an annual fee from the cardholder.
The amount charged as an annual fee can go up to $59, which can seem a bit expensive considering the fact that the security deposits made for secured cards are refundable.
The card also offers the user a chance at increasing the credit limit. If the cardholder makes no delays in any payment for at least six months, the user will have a chance to expand their credit limit without spending any additional fee.
5. Self-Credit Builder Account With Secured Visa Credit Card.
If you are a customer who has decided to build your credit score and self-reporting is the method you choose to do so, then Self – credit Builder Account with Secured Visa Credit Card is the best way for you to proceed.
A customer with a responsible payment history for around three months and also have paid an amount of $100 into a self-credit dit builders savings account, then the cardholder will be automatically eligible for a secured visa card without any credit history or deep, serious credit check. They also report to all three major credit bureaus, which will make it easier for the bureaus to look into your credit-building processes.