Credit Cards for People with Bad Credit
Let’s Learn About: The Best Credit Cards for Bad Credit
Secured credit cards can be a good for someone who doesn’t qualify for traditional, unsecured credit cards because of bad credit
Secured credit cards require a security deposit as collateral for your account
The Discover it Secured Card can help you build credit with responsible use2
If you have bad credit or scant credit history, you might face an uphill battle getting approved for a credit card. Fortunately, there are ways to build credit from the ground up. Secured credit cards cater to consumers who want to build or rebuild their credit. Using a secured card responsibly can put you on the road to better credit. While not everyone can qualify for a secured credit card, the credit score requirements are likely to be less strict for a secured card than they are for a standard credit card.
Secured credit cards may approve someone with bad credit
If you have bad credit or no credit history, getting approved for a traditional credit card may not be possible. One effective strategy for building or rebuilding credit is, instead, using a secured credit card. Secured credit cards differ from traditional, unsecured cards in that they require a cash deposit that is used as collateral. Your credit limit will usually equal the amount of this deposit. Many secured credit cards report activity to the major credit bureaus, so paying your balance on time and in full each month can help you build a credit history. With the Discover it® Secured Card, you can get your deposit back after 6 consecutive on-time payments and maintaining good status on all your credit accounts.1
Building credit history or rebuilding bad credit may give you the best credit card choices
Whichever credit card you choose, it’s important to remember: a bad credit history does not necessarily mean a bad credit future. Secured credit cards let you demonstrate responsible credit management, such as making timely payments and keeping your balance to a small amount of your available credit. As you build or rebuild your credit, you may qualify to transition your secured credit card to a standard credit card, or you may be able to choose a new card geared toward people with good credit.
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