Applicants with a low credit history have not many options to obtain credit cards. The reason is that some issuers don’t want to be risk-averse towards extending a credit limit they may not get paid for. The lower your credit score, the more difficult it will be to get approved for a credit card, but there is still hope, though it may be difficult, you can get a credit card with negative credit history.
Is Your Credit Score Bad
You’re likely to know you have a negative credit history if you’ve previously applied for a card, loan, or other credit-based service and it wasn’t successful. If you’ve not done that, do go through your credit score to affirm your position on that.
A mail will be sent with your credit score even if you weren’t successful in your card application especially if your credit score was the reason for the unsuccessful application. Else, you can purchase your credit score directly from FICO from myFICO.com or through any of the three credit bureaus.
Some of the issuers, like Discover and Capital One, make available credit scores to their cardholders. You also have an option to obtain free versions of your credit score from CreditKarma.com, CreditSesame.com, or Quizzle.
Be mindful of different websites professing to offer free credit scores. This can be a trick to get you to sign up for a subscription credit monitoring service.
Be careful when entering your card number to get the “free” credit score, then it’s a sure sign that that is a trial version subscription and you’ll be charged if you don’t opt out.
There are different options you can explore if you have low credit. There are secured cards that require you to make a deposit. This is demanded by the card issuer to safeguard them against any risk. Risk of you not being able to pay the loan grant you.
What Do You Do
Most cards for people with low credit usually do not have the most appealing card terms. Yearly fees, high-interest rates, low credit limits, and a few times poor customer services are among the features to be incurred. But in a short while, a temporary card situation would not be perfect.
You should always focus on making payments for bills on time since this enhances your credit so you can qualify for better options, You can achieve this within 12 – 18months