If you’ve had financial trouble in the past and have been unable to pay your bills on time, your credit score is probably not that good. Many people with low scores believe they’re not able to get a credit card, though this assumption is often wrong. There are credit cards for bad credit history consumers, though it may take some time to find the right card for you.
One of the few credit card options for those with bad credit histories are secured credit cards. Unlike other cards, secured credit cards require you to provide some form of collateral when signing up for the card, often in the form of a security deposit. With secured credit cards, you are usually only able to use the card up to the amount of the security deposit you provide. These cards are offered by banks, credit unions, and other credit card companies and may come with additional fees and clauses you should be aware of before entering into a card agreement.
Secured cards are not the only credit cards for bad credit history. Each credit card issuer sets its own guidelines for who it allows having a credit card. Typically, the card company will evaluate your credit score and income history to determine if you are eligible. If you have a bad credit score but have a reliable income history, for example, you may still be able to get an unsecured credit card.
Otherwise, the only way to get a credit card with a bad credit history is to improve your credit score. There are many ways to do this, but the most effective is to pay all your bills on time. If you do this regularly, your score will rise and you’ll be able to get a better credit card.