If my credit score is BAD, should I apply for a credit card?
Answered on Monday, August 2nd, 2010 by
Amy Miller

Yes, if your priority is to build credit. If you just need a card for electronic transactions, it might be better to consider a prepaid debit card. Prepaid cards provide 100% guaranteed approval, no credit check and no bank account required. This is great for people with bad credit. You shouldn’t fear denials. Prepaid cards also help you control your spending, you can only charge to your card what you have pre-deposited. As a rule prepaid reloadable cards are less costly than credit cards for bad credit. As the latter ones have high interest rates, higher annual fee, and procession fee. Credit cards for people with low scores usually have an initial limit of $300 with credit line increase fee often equaling half of the increase. While with prepaid cards you can load your card for free via direct deposit or add cash up to $1,000 at retailers worldwide. Prepaid debit cards are convenient in use and safe. You can use your prepaid Visa or MasterCard worldwide and pay anywhere Visa and MasterCard are accepted. Today prepaid cards have a whole range of great features and convenient tools – credit builder, short term loan, bill pay, mobile banking and more. Decide what your priorities, needs and habits are and choose a card that will work the best for you!

Other Popular Bad Credit Card FAQs

When applying for a store card you do not need excellent credit, but do not apply if you have bad credit. A bad credit score is anything below 580. In general, it is likely you will be approved if you have a good credit score of 680 or above. If you have a fair credit […]

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Although store cards tend to have a large window of the types of credit they accept, I would not recommend it. If you have not done anything since applying for the previous cards you were denied for, it would be doubtful your credit has improved much. If you have recently been denied for other store […]

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