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Bad Credit Rating Credit Cards - Lego Bocks for Building Credit

When the going is good, everyone is your friend, when you are down and out, not everyone turns up to help. When your credit rating is soaring, companies load your mailbox or email with countless offers saying ‘Buy, Buy, Buy’. Come one crisis and your score drops; then these same companies turn up their noses to lending credit to you. It’s when you are bleeding that you need help, and not when you are hale and hearty. Yet it is when you are hurting the most, that these companies say ‘Bye, Bye, Bye’.

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There is not much you can do about fair weather friends; fortunately there are some institutions that do take a chance on ‘the down and out’. They provide you credit cards even when your credit rating is bad. This is indeed a huge relief because building good credit depends on being entrusted with credit first.

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Types of cards you can apply when you have poor credit

  • Prepaid Debit Card
  • Secured Credit Card
  • Online Shopping Catalog Credit Cards
  • Unsecured Bad Credit Rating Credit Card

Prepaid Debit Cards are good for the convenience of having a credit card but are not good for building credit. This is because these don’t report to credit agencies as in essence you are using your own money and not using credit.

Secured Credit Cards offer you a credit line on the basis of some security that you pledge. Another way this works is that you deposit money which acts as security to extend you a credit line which may be equal to or more than the security money deposited. However understand that while the money that you have deposited is meant as security, the bank or lending company will not use this to cover any late payments from your side. Instead you will be riddled with late fee charges. It is only when you decide to close the card that the security deposit will be used to adjust the balance payments. Hence do understand that with this type of credit card you must be very particular about clearing balances in time, otherwise you may land in a bigger soup than the one in which you already are.

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Online shopping catalog credit cards allow you to purchase items from the issuing party’s web based store.

Getting credit cards without security if you have bad credit is difficult. However it is possible. Some bad credit rating credit cards work in the following manner. These cards extend you a credit line. From this credit line extended they first deduct a security deposit leaving you with a reduced line of credit. In effect this means that you do not have to deposit any security but are charged fees for a larger line of credit while availing of a smaller line of credit. This is a good option when you do not have any security to deposit. Once you get your footing right, you can move to a secured credit card where you actually provide a security, and then later to an unsecured credit card where good credit score is the only security. All in all, please pay your balances in time or before time, when you are trying to improve your credit standing.
There are many banks and institutions that offer bad credit rating credit cards. Some of these are Public Savings Bank, Orchard Bank, and Capital One.

Score building takes time, so don’t worry if you don’t see immediate results. If you are disciplined and make concerted efforts, eventually your score will improve.

Good luck.


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