It takes time and a little understanding, but building and managing credit is one of those really important “adulting” things to do. But, even with warnings from our parents, hearing bankruptcy horror stories and being told time and again that credit does not equal free money, there may be a moment when you get in over your head and find yourself with a bad credit score. That can be stressful, too, because it can seriously limit your lifestyle in terms of places to rent, cars to buy and qualifying for credit to help rebuild your spotty history.
Your future with credit cards may seem bleak, but, fortunately, there are creditors who are understanding and willing to give someone who’s made a few bad decisions another shot at raising their rating. If you’re trying to make up for past mistakes and rebuild your credit score, check out these best credit cards to apply for with bad credit.
The Capital One® Secured MasterCard® offers no annual fee, and with a $49, $99 or $200 refundable deposit, depending on your current credit score, you can instantly establish a $200 line of credit. This will keep your spending in check, and, after five consecutive on-time payments in full, you become eligible for a higher credit line. The best part is that you get to choose your own monthly due date for payment so you’ll never be caught short of cash when the bill comes!
OK, now we’re talkin’! Who would’ve thought a poor credit rating could translate to cash back rewards?! Well, Credit One Bank® Unsecured Visa® with Cash Back Rewards believes everyone deserves a little reward for building up their credit, and gives those struggling to get out of the danger zone one percent cash back on day-to-day expenses! As an added bonus, that cash back is instantly applied to your statement to reduce your balance! So, basically, you’re getting rewarded for spending!
The Total VISA® Unsecured Credit Card is a safe bet for a no-frills, low-limit card to get you back on your credit feet. However, it strives to keep your spending and payment in check by mom-grabbing you with multiple fees that include an annual, processing and a monthly service fee. Oh, and don’t forget about the potential of getting slapped with late fees if you don’t pay on time.
If by some awful stroke of bad luck you find yourself filing for bankruptcy, this card is everything you need for credit history redemption. Indigo® Platinum Mastercard® offers a low annual fee (like, under $100 low!), and has flexible guidelines and offer qualifying pre-check before you even apply! You won’t be earning any rewards with this credit rebuilder, but, once your score is up to snuff, you can look into switching to a card that gives you a little something back when you spend!
If you don’t qualify for an unsecured credit card just yet, you can feel safe signing up for a Discover it® Secured account. This card is pretty awesome because it acts like a rewards card in giving you two percent back on gas and grocery purchases, and one percent back on everything else! After your first year, Discover will match your cash back, which means more money for your pocket. Did we mention no annual fee?
This is another bankruptcy forgiving card that’s willing to help you get out of the credit gutter. There are some good benefits to the Milestone® Gold Mastercard®, like a low activation fee of no more than $75, and an annual membership fee that can range from $35-$99. It won’t break the bank, and Milestone also offers qualifying pre-check that won’t affect your credit score! Just be wary of hidden fees; like adding another name to the card and fines for paying your bill late!
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