How To Get A Credit Card When You Have Bad Credit

Many people assume that bad credit means that you will have to get credit cards after putting down a significant amount of cash to do so. Did you know it’s possible to get bad credit credit cards, no deposit required? While it may be harder to get credit cards, the truth of the matter is that it is not impossible to do, even if you have a credit score of only 500. Here’s several routes that one can take in order to get the most out of their bad credit, improve their credit, and even score a credit card or two in the process.

  • Get a good idea of what your credit is like. There’s bad credit, and then there’s really bad credit. Getting a copy of your scores using the Fair Credit Reporting Act. If your credit is in the 600s, you have a better chance of getting a bad credit credit card, no deposit required, with a decent interest rate. If your credit is in the 400s, you may need to do some work in order to improve your credit score. Paying off old debts, negotiating lower payments, and also paying off credit cards that may have been maxed out can seriously impact your credit score for the better. Either way, it’s always good to improve your credit score before applying for another card.
  • Apply for a credit card with a bank or a credit union that you currently use. It’s often best to try to work with banks that you’ve already established a good relationship with. They are more likely to approve you and try to keep you as a customer by offering you lower rates. This is often the easiest way to get a credit card if you have bad credit, especially one which doesn’t involve a deposit.
  • If you really, truly are against paying a deposit, and you are willing to pay higher than average interest rates,  applying for a subprime credit card is an option you should look into. Subprime credit cards are the bad credit credit cards with no deposit that you may have heard about from friends. They often come with higher interest rates, fees, and low credit limits. However, there is a good side to subprime credit cards that deserves to be mentioned. If you don’t leave a balance on your credit card, pay regularly, and also don’t spend too much per month, you can use a subprime credit card to improve your credit significantly with a much faster rate. It’s also worth noting that there are some subprime credit cards that also will have a minimum credit score.
  • It’s also possible to get a secured credit card with a low deposit. According to many financial experts, applying for a secured credit card with a minimal deposit is often the best, middle-of-the-road option for individuals who are struggling with their credit woes. Interest rates on secured cards are lower, and there are less fees involved with them overall. However, the problem is that not everyone can afford the deposits necessary to get them as cards.
  • If at all possible, delay your time applying for a credit card and work on paying your debts on time for a while. This will naturally improve your credit score, which will likely allow you a wider range of credit card options. With some credit scores, it will be extremely difficult to find a bad credit credit card without a mandatory deposit.
  • Another good way to improve your overall ability to get a credit card when you have bad credit is to have a guarantor or cosigner on your application. This is not always available as an option, depending on where you live. However, for those who can and are able to get a cosigner, this is a great way to open up more options in terms of credit cards.
  • Consider going to a site that offers a selection bad credit card options and shows the details on each one. Nothing beats comparison shopping when looking for something as important as a credit card. A good site will be able to give you the scoop on minimum credit scores to qualify for cards, annual fees, late fees, as well as interest rates. This can help you make a more educated decision about your card choice, which in turn will help you financially.

Basically, much of whether or not you will be able to get a good credit card for someone with bad credit will be based on how much work you do to fix your credit and to find a bad credit credit card. As long as you work at it, you will be able to fix your credit and score a good card in the meanwhile.

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

  1. Thanks for writing this for an underserved community. Helping folks with bad credit get back on their feet is important work.

  2. This has been very helpful. I’ve been trying to find a way to get a credit card with how low my credit score is. I haven’t had luck at most places I’ve looked. Thankfully I think I will be trying what you say, I’m all for giving it one more shot, if it doesn’t work for me, I’ll just move on.

  3. I remember trying a few years ago to get a new credit card while I had bad credit, but I wasn’t successful. Then, I of course did not have the help of your guys very informative articles. I bet I would have gotten one if I saw this article. Anyways I will try again now with your guys help. Thanks a ton!

    • Welcome Nicky! Glad that this helped you. Don’t forget it is really important that you check your credit score from all 3 credit bureaus before you apply for anything! Alot of people skip that, and with all the online credit reporting services, its the easiest step to do! If you have been following good credit habits I’m sure you will get approved! Good luck 🙂

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