Is a credit card a good option when you have a bad credit score?
When you apply for a credit card, your chosen provider will conduct a credit check so they can access your credit report. With this information, they will determine whether they feel comfortable providing you with a credit card. If you have made financial mistakes in the past, such as missing payments, taking on too much debt or breaching repayment terms on a loan, you could have a low credit score. Unfortunately, this will make it harder for you to secure a new credit card as many providers will deem you too high a risk. Thankfully, there are options for people in this position.
In this in-depth guide, we’ve explored some of the credit card options open to people with a bad credit score, answering some of the most common questions so you can feel confident as you move forward in your search for additional funds.
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Can I get a credit card when I have bad credit?
Yes, some lenders offer a credit card for people with bad credit and are more likely to accept your application even if you have a poor credit history. In some cases, these cards act as a lifeline by providing much-needed credit to people who are otherwise overlooked, allowing you to prove that you are now able to repay your debts on time. There is still no guarantee that your application will be accepted, so it is important to choose the card that offers you the highest chance of approval, allowing you to avoid any further negative impact on your credit score. If you are considered eligible for several cards, it is important to choose the option that will give you the greatest chance of boosting your finances. For example, a card that offers 0% interest on spending for a certain period could give you the chance to temporarily avoid interest and use this money to clear current debts.