If you have a very bad credit you may have some problems to qualify for a new credit. The best bad credit credit cards will help you rebuild credit history. Also, you can improve your credit history, but you must be very active and try hard. One way to rebuild your credit is using the right card. There are two kinds of credit cards for bad credit. So, in sort of speak, you have unsecured bad credit credit cards and secured bad credit credit cards. Secured cards are the ones where you need to put down a cash deposit which you can then borrow against. With unsecured cards you are not allowed to do that. Every type of those cards has some limitations but both of them can push you forward to make better improvement for your credit score. Recommendation is to get an unsecured card like, for example, the Credit One Unsecured Visa Card. You can check out in less than a minute are you pre-qualified and not harm your credit score by doing that. That way, you can find the right card that will suit your individual needs.
The Best Bad Credit Credit Cards Unsecured
Credit One Unsecured Visa Card
Credit One Unsecured Visa Card is completely unsecured credit card with no deposit requirement. It can be very helpful in building or growing credit. All three major credit bureaus will receive monthly reports about your account. You will also be protected from unauthorized charges with zero fraud liability.
There are also some benefits, like 1% cash-back on groceries and gas. Setting up text alerts or custom email will make you aware for your payment due date. Also you will be alerted if your available balance runs low and when your payment posts. Credit line will be automatically monitored for line increase opportunities, for every account, by Credit One. As soon as possible they will inform you are you eligible for additional credit.
This bad credit card is highly recommended and there are 3 great reasons for that.
1. You don’t have to put down the deposit because this is not a secure credit card.
2. There are some benefits like ability to earn rewards which many secured cards has not in their offer at all. For example, gas purchases.
3. Ability for securing a credit line increase will become available after making just several payments on time.
Total Visa Credit Card
There are many great options for people who are trying to build their credit. One of them is the Total Visa Credit Card which is issued by Mid America Bank & Trust Company. Main advantage of this card is that reports are going straight to the major bureaus. There are many people who are in need of that kind of service. Nevertheless, this credit card doesn’t offer a rewards program but it has offer for fast or instant approval, in some cases.
Very easy and quick application process with fast response in no time. Total Visa credit card is genuine card which is accepted by all merchants all over the United States and also online. Features monthly payments that are manageable.
Once approved, you will need to pay a processing fee for opening your account and you will have access to your available credit. Ongoing monthly reports to all tree major credit bureaus.
The Milestone Gold MasterCard
The Milestone Gold MasterCard is unsecured card for bad credit and this is the one that should seat on top of priority list for anyone who has a bad credit score. With easy online account access and very fast pre-qualification process which will not do any harm to your credit report, this card has also a custom design options. Former bankruptcies on your report will be no problem if you will using your credit with responsibility from now on, and that is the great value that only the best bad credit credit cards have.
You will have no impact to your credit score during quick pre-qualification. You can pick custom card design for free and have easy and fast instant decision at the same time. Online account access is also free. Nobody will hold you responsible for unauthorized charges which might be made to your card, and that means, zero liability. Worldwide accepted at over 35 million locations. Previous bankruptcy OK. Get a card with bad credit just by following a simple rules.
If you want to repair any credit mistakes you might have made in the past getting the best credit card for bad credit is your best option to begin a fresh start. By following the simple rules you will be guided through the process with the great chance for the best possible outcome. Although, there are some basic tips which you should consider before you apply for bad credit credit.
Before anything, be sure to know your credit score. Ask yourself, do you really need a card or is it a short term loan that you really need. If you need a short term loan then be sure to find out the best bad credit loan options. Another great suggestion is to sign up for a credit monitoring service.
You should stop applying for the travel cards, cash back cards or the best rewards cards. Finding yourself falling behind should make you consider usage of a prepaid debit card.
Knowledge and understanding of your credit is very important step towards improvement of your credit. If you didn’t know, there is a federal law which allows you to get a free copy of your credit report for every 12 months. You can get it from every credit reporting agency.
This is a great information that will ensure that all of your credit reports are correct and up to date. AnnualCreditReport.com is the website where you can get a copy for your free credit report from the three credit reporting agencies.
When you slam through your credit report, analyzing the factors which may have negative impact on your credit score, you might consider to take monitoring service. By doing that you will not only protect yourself from future fraud or identity theft, which both have a negative impacts, but you will get the great help in understanding what is going on inside your credit report. Identity Guard is one of the best monitoring services online, but there is a vast options of such a services. Here are a few others, so go through all of them and pick the best for youurself:
TransUnion 7-day free trial $16.95/month, Identity Force No free trial $23.95/month, Experian 7-day free trial $19.95/month and LifeLockwith 30-day free trial $19.99/month.
When you’re finished with your research you should find out which credit cards are the best bad credit credit cards for your individual situation. Below you will find the best bad credit credit cards which are available in 2015:
The Best Bad Credit Credit Cards Secured
As we said earlier there are some differences between unsecured and secured credit cards. To be able to get a secured credit card you might be able to put down a deposit. Many times it’s hard to have a deposit just to get secured credit card, so you will only asking secure card if you are not able to qualify for unsecured credit card. Below this paragraph you will find some secured credit cards and their advantages.
So let’s start with Capital One secured MasterCard.
With responsible use you are able to build credit and you will have no processing or application fees. Also features regular report to all three major credit bureaus. By using a credit tracker you will get free access to a credit tips, credit report and a credit score. You can get a line up to $3000 with your security deposit. Based on your credit worthiness and your payment history you can qualify for a credit line increase. With all these credit card features it is easier to build a solid financial foundation, and this is the perfect card that will get you started. This MasterCard credit card is accepted by millions at numerous locations all over the world.
Merrick Bank Secured Visa Credit Card
You will get free FICO score every month. To build your credit, unlike the prepaid card, all performances will be reported to all three major credit bureaus. Without any additional security deposits or fees, if you need a credit line increase, you will get an automatic unsecured credit line increase review. No application fees, no processing fees. Up to $3000, you are the one who will determine your credit line. Easy to submit security deposits with several convenient options means easy funding. You may use this card wherever Visa is accepted and that means Worldwide acceptance. Easy to apply online.
Platinum MasterCard USAA Secured Card
Bank products from USAA are available only to military members and their families, also to a veterans who received an honorable discharge.This is not the prepaid or debit card, this is a real credit card which will help you to build and improve your credit score. After applying, USAA certificate of deposit, CD, will also be open for you, with a 2 year term. This is your interest earning deposit account that has minimum initial deposit of $250 up to $5,000. The card credit limit is from $250 to $5,000 and that is your CD, actually the money you put in a upfront. Good thing about your CD is that you can earn interest and your deposit will continually grow. You can keep that money as long as you keep up with regular payments. By opening A CD you are able to get a credit card with bad credit or even if you don’t have any credit history at all. This card using chip technology which has added security. You may use it at chip enabled terminals with no fear. Great world wide acceptance.
There is also a USAA Secured Card American Express with the same features and terms like the Platinum MasterCard USAA Secured Card.
Research more on Best Bad Credit Credit Cards and pay attention to these questions:
What is deposit requirement?
In Order to get qualified for a secured credit card, you as a cardholder,have to deposit some amount of money on your account. That is called deposit requirement. Explanation is that credit card companies are always taking some risk by giving the credit to someone who has a low credit score. That risk is the main reason why so many credit companies require this deposit. If the default on your balance happens, the credit card issuer will keep your deposit.
Think twice before you put down the deposit for secured credit card. Many times there are some better option to use that money. For example, lets say you have some high-interest debt from another credit card. If that is the case you should use that money to pay down your debt and get a prepaid debit card for use instead.
What is Ease of Qualification?
Ease of qualification has a significant importance rating. Even the best bad credit credit cards can’t help you if you are not able to qualify for the credit in the first place. Let’s say that almost everybody are able to qualify for a secured credit card only if they have a deposit that is big enough. The thing is that very few people have enough saved money to put down a deposit. This is where the ease of qualification plays important part. If you want to improve your credit score on the long run you simply must be able to get qualifications for your favorite card. Once you qualify, you must use this credit with big responsibility right from the start.
Easiest way to find out are you going to be accepted is the the Prequalification. Prequalification is the simple process where you need to answer some very plain questions and based on your answers you will be accepted or not. This will not have any hard inquiry on your credit report. Great benefit in the process is that you will avoid hard inquiry. By doing that it will be easier for you to sign up for a secured card in case you are rejected.
What is Initial Credit Limit?
As soon as your account is opened and approved you can borrow some money from it. The amount of money you can borrow is called initial credit limit. In most cases initial credit limit is very low, usually below $500. On the contrary, for people with great credit the initial credit can be very big. We are talking about thousands of dollars. The importance of initial credit limit lays in fact that is always easier to start something if you have more money on your account. Let’s say that you need to deposit $500 to get the initial credit of $500. Common sense is telling you that this is not a very good deal and you will not open that card.
The majority of the best bad credit credit cards will have a clear path leading you towards increasing your credit line, and those are some really good news. To be able to qualify and increase your credit line after your first year you simply need to stay current on your account and pay your bills on time.
What is Credit Reporting?
To better understand what credit reporting is you must know two things. First,there are certain tools which are available to you and they are helping you to monitor your credit score. Second, your low credit credit cards have certain ways of interactions with the credit reporting agencies. Credit reporting encompasses both of those things.
Great number of the best bad credit credit cards will provide your credit score based on your monthly statements. Building your credit profile back it is very satisfying to see the great changes in your credit score from month to month. While this is not a complete statement of your credit history it can be really motivating. In other words the best bad credit credit cards will help you build your credit score and will provide you with the best online tools for monitoring your credit score at the same time.
Remember this!!! Not all of the credit cards will report your financial history to the three major credit bureaus, which are, Experian, Equifax and TransUnion. By having a bad credit you must search for a credit card that sends reports to all of the three credit reporting agencies. Your best bad credit credit card will help you only if all of your credit activities are being reported immediately.
What is Annual Fee?
The credit card companies are charging the fee each year in order to maintain your line of credit. That fee is called annual fee. Usually the annual fees are being charged on cards that has offers of some other valuable travel perks and rewards credit cards. You must be aware that majority of the best bad credit credit cards are charging annual fees. While charging the annual fee is not a very popular method you should look on this as a great way to get an opportunity to finally establish positive credit history and rebuild your credit.
First thing you should do after you build your score over time and repair your credit, is to cancel the current credit card and simply apply for the credit card which doesn’t have annual fee.
What is APR?
There are some interest rates that are charged on your balance if you’re not fully paying your balance for each month. Those interest rates are called APR. Great number of best bad credit credit cards have higher interest rates than average credit card. But the good news is that you will avoid this charges simply by paying your balance in full for every month. Those responsible actions, when it comes to paying your balance in full for every month, will show that you are learned how to use your credit with great responsibility.
What is The Best Way To Build Your Credit?
Final note! With only few simple steps you can put yourself in a position to rebuild your credit. The easiest way for sure, is to apply for a best bad credit credit card. After that you just need to be patient and slowly start to prove yourself over the time. If you read this post in fully then you know that there are two type of cards that you can apply for,secured an unsecured. Which type of those cards you will choose depending solely on how badly you need the credit line and how bad your credit score really is. But one thing is certain and that is: you can always achieve your goal!
The Best Bad Credit Credit Cards in 2015 – List
Secured Visa from Merrick Bank, Capital One Secured MasterCard, USAA Secured Card American Express, USAA Secured Card Platinum MasterCard, Total VISA Credit Card, Milestone Gold MasterCard, Credit One Unsecured Visa Card.
Related: Bad Credit Credit Cards UK