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FAQs About Credit Cards For Poor Credit History

FAQs About Credit Cards For Poor Credit History

  • Minimal Fees, Please

Most of the cards you are going to find for persons with bad credit will be rife with fees. Unfortunately, this is the nature of the beast- but there are some cards out there that do not carry as many fees.

Make sure you read over the fees carefully before applying and compare them to other cards designed for people with bad credit as well.

  • Prequalification Is a Must

Prequalification is a great way to see if you are eligible without having to do a “hard pull” on your credit score. Some cards do not run a credit check, but others do- and if you opt for the latter, make sure they offer the chance to pre-qualify first.

Granted, it is not a guarantee that you will qualify after all, but it will help you see if you are at least in the running to get approved.

  • Reporting to All Three Bureaus

Your on-time payments are a testament to your responsibility and how serious you are about rebuilding your credit. So, make sure your hard work is getting rewarded.

As time goes on, consistent repayments will display on your credit report and subsequently improve your score. Be sure the card you choose reports to all of them for best results.

  • Upgrade Options

Now, some of the cards we featured on our list today do not allow this, but some of you may want to have it as a feature. To be specific, we’re talking about the chance to “upgrade” to an unsecured credit card after you have made payments on time for many months.

This is good as you do not need to open up a different account to get this benefit after your credit has gotten better. Opening and closing new lines of credit can be harmful to your credit score and even negate the hard work you have put in.

Q1. I Have Bad Credit; How Do I Get Approved for A Credit Card?

Don’t worry if you have bad credit or damaged credit. There is a good chance you can still find a card that is just right for you.

Bear in mind the rewards probably won’t be that great, nor will there be a generous welcome bonus or airline mile perks. However, you can still get your hands on some plastic and have a little buying power in your wallet, plus improve your credit score.

You should aim for a secured card, or a card created just for somebody with less than perfect credit. With a secured card, you can get a line of credit equal to the security deposit that you put onto the card.

You can still find cards that do not require a security deposit, but you will be faced with account fees, annual costs, and interest rates that are sky-high.

Q2. I Went Bankrupt… Can I Still Get a Credit Card?

Yes, you can still get a credit card even after bankruptcy. However, choices are going to be rather slim, and you will need to wait until your bankruptcy is settled/discharged.

If you end up filing for Chapter 7 (you will be selling off eligible assets to settle the debt), it is going to take approximately three months to get your card.

Meanwhile, Chapter 13 bankruptcy will have you waiting for years because part of your debts will be paid back to creditors. So, just be patient, as, after bankruptcy, it is going to take a bit of time before your credit is rebuilt.


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