Consumers with bad credit may feel they have no hope for rebuilding their credit or obtaining new credit, but take heart: many credit card companies offer credit cards for customers with below average credit. Find out the best credit cards for people with bad credit by reading expert reviews and checking expert ratings.
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Consumers with a low credit score have several options for credit cards, depending on their credit score. Some customers will need to apply for a secured credit card with a guaranteed approval in order to rebuild their credit. Others can qualify for a subprime credit card that usually will carry a higher-than-normal interest rate, a high annual fee or a low credit line.
You may think you know what your credit score is, but since your score changes frequently, it is always a good idea to check your instant credit report. If you have been turned down for other credit cards or loans, this often means your credit is not good enough for some lenders or credit card companies. But not every company has the same standards, so find out your score and then check out the expert reviews and ratings to see which credit card for bad credit might meet your needs. In general, if your credit score is lower than 675, you may find that you need a credit card designed for borrowers with bad credit.
Every consumer has the right to a free credit report from all three major credit reporting agencies. It is a good idea to check these scores before applying for a credit card based on that you think is bad credit. Check your credit report for mistakes and also check your credit score to see where you stand. Sometimes people assume they have bad credit when they don't; other times people think their credit score is higher than it is. The only way to know for sure what credit card companies see is to get your credit report. If your credit score is low, check out these credit score tips to see if you can make some changes that will improve your credit score ratings.
Review expert ratings which may help you see which credit card may meet your needs. Look for a credit card that reports to all three credit reporting agencies monthly so that your on-time payments can be used to boost your score. If you have trouble managing credit, look for a card that offers email and text alerts when you are close to maxing out your card or forgetting to pay the bill. Credit cards for people with bad credit can vary greatly from one product to the next, so be sure to shop around for the card with the lowest rates and fees.