Last Updated on Jul 30, 2020 by James W
46% of Americans have been shown to have been dealing with bad credit only throughout 2019. More than 30% were still on the verge of finding the best solution to get rid of it, but it seems to get harder and harder as time goes by. Whereas the vast majority of the population tend to own (or have owned) a credit card, the rest of them are still considering the moment in which to get what they want. Still, it does not mean that this is per se a bad thing – there are loads of benefits and advantages to choose from. These being said, in case you are looking forward to knowing more concerning the subject, make sure to stick with us and keep an eye onto the following lines in order to see what is the best credit card for someone with poor credit!
- One that Helps you Rebuild Your Credit History
Believe it or not, building your credit history is an important step in the process of getting a better financial solution. This happens due to the fact that a poor credit leads you to a credit card that is not at all sustainable and filled with numerous offers and rewards – instead, it might take you to making choices which make you deal with additional problems on the go. Still, consider the following strategy – when you deal with a poor credit, you are basically choosing from a small alternative palette in terms of credit card – which means that you can get a plain card that has nothing to do with gathering points, rewards or additional offers. Still, it does not mean that it is not at all useful, just purely good to be used every now and then.
- Secured Cards
When you have bad credit, you might want to improve it by choosing the secured cards. Basically, by this way you can set up a security deposit on which you rely your purchases. As soon as you hit the bottom, you will be able to reduce any risks associated with it, as well as entering a financial side in which everything seems easier and more beautiful. This moment is ought to be seen as the moment in which you have proved to have a clean record, which in turn will improve your credit score and history overall. Still, bear in mind that even in this plain situation you will need to offer documentations and other bureaucratic stuff just to show that you have a constant income, as well as no other problems related to bankruptcies. Once you do that, you are good to go further.
- Unsecured Cards
Well, aside with the secured ones, there are also unsecured cards that you can use in order to obtain money quite fast and with little problems. The main difference between the secured and the unsecured credit cards relies on the fact that the second choice usually comes with higher fees involved. By that, the companies are charging you more than before, since they wish to make the best choice with choosing you for the money – but with higher amounts of liquidity to be paid in return. Well, we cannot blame their strategy, and someone with a bad credit yet has the possibility of getting all the money in a short period of time – and with no additional headaches. The credit card limits are though quite low, and this might be seen as a small problem to the entire situation – but do not despair, you are one feet away from making the choice that you have always looked for.
- Capital One Secured Mastercard
Having an annual fee of completely zero, this one is a great choice for someone who wishes to deal with a regular APR of 27%. This wonderful pick is a great opportunity for someone whose credit score is relatively poor and lies someone between 350 and 629. On the other hand, the Capital One Secured Mastercard has a number of deposit limits, some of which are situated on $49, $99 and even higher, $200. Any of these are able to help you get rid of the financial problems, even for a short period of time. Still, remember that the payback is indeed important to supply, since you will most definitely enjoy the entire situation pretty much.
These being said, what are you still waiting for? Have you already managed to make up your mind and see just what is the best credit card for someone with poor credit? If so, we are looking forward to hearing from you – such important info is critically required from people who have been experiencing any of the financial problems in quite a relatively short period of time. We do know you will enjoy getting rid of that!