If my credit score is BAD, should I apply for a credit card?

Answered on August 02, 2010
Updated on August 02, 2010
The content is accurate at the time of publication and is subject to change.
Amy Miller 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!
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

User Comments about This Question


First of all, you need to find out the reason of these rejections. Issuers typically send a rejection letter with explanations, so just read it attentively. Then, check your credit reports to make sure that there are no mistakes. In case there are some, you can dispute them with the bureaus. You also should have all your credit accounts in good standing, no active bankruptcy, no overdue payments and no excess of the limit. After paying off the late payments (if you have those) pay on time at least for two months on all accounts. Only after that you can try to apply for a card again. But make...
The Barclaycard Ring Mastercard credit card is no longer issued by the bank. That's why you cannot find it and cannot apply for it. You can apply for a different credit card though. You can get a rewards credit card that will allow you to earn rewards on all your purchases and redeem them towards any expenses. There are a lot of great credit cards that can be more rewarding than this card. Just make sure your credit score is good enough to get it.
With a score of 620 you have a bad credit. The Norwegian Cruise Line® World Mastercard® is a premium card, meaning that it is available for customers with good to excellent credit. Thus, although you can give it a shot, it is unlikely that you'll get approved. With poor credit history, your primary goal should be building your credit by obtaining a suitable credit card and paying your balance in full each month before the due date. There are credit cards specifically for people with poor credit history, for example, you can get a secured credit card and put a deposit equal to the credit...

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There is a credit card for any credit and for any purpose. Whether you want to start building your credit from scratch or earn rewards on purchases, save on gas or travel for free, you can find a good credit card offer for that.