For consumers with a poor credit history, the options for new lines of credit are limited. Far too often, lenders take advantage of people with poor credit by charging high interest rates and fees. Rather than improve their credit, the added debt only makes things worse. The world can be a much uglier place when your credit score is below 650. Before signing up for a new credit card, someone with bad credit should determine the cause of the low score. If it’s related to uncontrollable spending, this is the problem that should be solved before looking for new credit.
Many people with bad credit are interested in improving their credit score, and responsible use of credit is the perfect way to do this. Some credit card issuers offer products designed specifically for people with bad credit. Even though the terms may not be as favorable as other mainstream cards, these can be good instruments for proving to the financial industry one can now handle a credit card without creating more problems. The best credit cards for poor credit generally lack rewards and perks, but the cards you’ll find below do offer consumers a line of credit with reasonable interest rates and low fees. If you own a card designed for consumers with bad credit and you love it, let me know and I’ll add it to the list.
The cards on this list report your credit information to all three major credit bureaus, which will help improve your credit score if the behavior is positive.
Cards for bad credit
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Updated April 1, 2014 and originally published July 4, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.