If your credit score is on the lower side, you might be asking whether you can get a credit card with bad credit (and be worried about the answer). Well, here’s the lowdown on whether you can get a credit card with a low credit score, and what to consider before applying.
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Is it possible to get a credit card with bad credit?
Yes. Just because you have a low credit score (or maybe no credit history at all) doesn’t mean you can’t get a credit card. In fact, there are credit cards out there specifically aimed at people trying to build their credit scores! Here’s a look at some of their key features:
- Credit limits can be on the lower side, but that’s a good thing because it stops cardholders from losing track of their finances.
- Some credit building cards come with no annual fee, so cardholders don’t need to worry about an extra bill.
- Interest rates can be high, but if the balance is cleared in full each month, there’s no interest to pay.
So, if you’re looking to rebuild your credit, or you have no credit history and you’re looking for a line of credit, these cards are worth exploring.
How do you apply for a credit card with bad credit?
While there’s no guarantee you’ll be accepted, it’s easy to apply.
First, research a range of credit cards for bad credit and choose one to apply for. Then, you’ll need to provide some details including your:
- Name
- Address
- Employment status
- Annual earnings
After you complete the application, you often get an instant result. Otherwise, it might take a day or two for a decision.
If you’re accepted, then you’ll be told your credit limit and you’ll get your card through the post within around 14 days.
What should you consider before applying?
If you’re ready to apply for a credit card, here’s what to consider before you do;
- Make sure you can afford your existing bills before applying for another line of credit.
- Even if you can afford your current monthly outgoings, think about whether you can afford to add another repayment into the mix.
- If you don’t keep up your repayments, you could lower your credit score. This can be especially damaging if your score is already low.
Credit is a big commitment, so make sure you’re ready before you apply for a new financial product.
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How do you improve your credit score?
If used wisely, a credit card for bad credit can actually help to build your credit score. However, unless you need credit in the next few months, you might prefer to improve your score before applying. So, here are some tips for doing just that:
- Check your credit report and make sure there are no errors that might lower your score.
- Always pay your bills on time. Keeping up with monthly payments improves your score over time.
- Make sure you’re on the electoral register and check you’re registered at the right address.
- Close any unused store cards or credit cards.
Ready to research credit card options? Start by trying our free eligibility checker – it won’t affect your credit score, and you’ll get an idea of the types of cards that could suit your circumstances.
