For one reason or another, many of us find ourselves not having the best credit scores. This can make it difficult to get approved for loans such as car loans and mortgages. Low credit scores can even make it difficult to get approved for many credit cards. If you need money or want a credit card to try and better your scores, there are some options available. They may not have the biggest lines of credit or the most appealing terms or interest rates. However, sometimes you have to start somewhere when rebuilding your credit history.
There are many websites and tools online to choose from and figuring out which to trust can seem like a tedious task. Once you have narrowed down a few of the top trusted sites to compare credit cards for bad credit, you will be able to start applying for some of the cards. The best kinds of credit cards for people with less-than-perfect credit scores are usually secured cards. Secured credit cards are ones that will require you to put down a cash deposit in order to get approval.
In most cases, the amount of cash needed as a security deposit on these cards will be the same amount as the credit line you are approved for. When you use a secured card in a responsible manner, you can build up your credit and then apply for an unsecured card later on. For most lenders of secured credit cards, once you have converted your unsecured card to a secured one, they will usually refund you the security deposit.
If you are needing some funds for an emergency situation or a one-time payment of something, you may want to consider short-term loan options such as from autotitleloans-tampa.com. If you have a vehicle with a clean title on it, you can get a loan deposited into your bank account in as soon as one business day after applying and getting approval. If you are still wanting to work on your credit using secured credit cards for bad credit, below are some of the best choices available.
Capital One Secured Mastercard
One of the best benefits of this particular card from Capital One is that it comes with a low deposit. There is no annual fee on this secured card and it comes with many benefits with responsible use of the card. Unlike prepaid cards, use of this secured credit card will get you regular reporting to all of the major credit bureaus. Your initial credit line and amount of deposit required will depend on your creditworthiness.
OpenSky Secured Visa Card
For those that want to apply for a secured credit card that doesn’t require a credit check, it is important to check out the Visa card from OpenSky. This credit card company believes that everyone deserves a chance to have a good credit card, no matter what their credit score is. The deposit you will need to put down will ultimately be what your credit limit is. You can choose how much you want to start with and they start at around $200. The deposit is refundable and you can build your credit quickly using this card responsibly because they also report to all of the major credit reporting bureaus.
Discover It Secured Credit Card
For anyone looking for a secured credit card that has benefits, the Discover It card is the one to choose. There is no annual fee for this card and you can earn cash back on each purchase you make while helping to build your credit. The deposits for this card start at $200 and this will establish your credit line on the card.
Like What You See? Share the Story!