Nowadays, it is common scenery that everyone has a credit card. They use it for different purposes like buying something or any financial purposes. But if you have a damaged or bad credit card, you have to face different problems in the case of financing. To solve this problem, you can have a credit card for damaged credit. It can be used as a fairly basic card.
When you see that you have bad credit or damaged credit, you have to follow some criteria to have a credit card for damaged credit. If you are eligible for that, you can have it. It will also helpful to rebuild your credit score. But you are not going to be relying on this card forever. You have to maintain some policy for these cards. You have to provide a security deposit and later you can get it back. Without a deposit, it may require high fees and overtime.
You can find many credit cards for damaged credit. But all of these are not perfect for you. Now, the question arises that how and where you can get a credit card for damaged credit and which is best for you. This article will help you to know about these. Just go through the article.
How to Apply for a Credit Card for Damaged Credit?
Someone has bad or damaged credit or any kind of financial mistakes. So, they need not worry, in that case, it is possible for them to get a credit card with damaged credit or bad credit. You have to follow some steps.
1. Know Your Credit Score
Before applying for this, you need to know your credit score because it is very important. It will help you to find your favorite card approval. If your credit score is fair, you will get your required option. Also, if your credit score is poor and how close you are to have a credit card for fair credit, it will allow you whether you can apply now or later.
If your credit score is fair and there is no damage to your score, you have much more possibility to get a credit card. You can check your credit score for free online, by phone, or by mail. It’s up to you.
2. Find a Card That Suits Your Score
Your credit score will show what kind of card you need to choose or you will qualify for what kind of card. If you are logged in to one company for a credit card, you can see your score on Graphs. So, do it to find you recommend a card.
3. Apply
Now you can apply by clicking the ‘apply now’ button for a card from the online website. You have to provide your name, address, phone number and email address. You have to also add your social security number to check your credit. It is also asked about your income. There may be asked for further information if needed.
4. Fund Your Security Deposit
If you want a secured credit card, it is necessary to provide a security deposit. You have to pay a minimum range of your deposit. It will determine your credit limit. You will have a credit limit for this. They will ask you to fund the deposit direct transfer from a checking account. If you do not have a bank account, there is another option for you. They will allow you to pay by money order.
5. Receive Your Card
After funding the security deposit, you will be able to get your card. Then you can use it as your requirements. Through using this card, you can build a positive credit history. If you use it perfectly and pay on time, it will create a good credit score for your damaged credit.
Top 5 Best Credit Cards for Damaged Credit
There are many credit cards for damaged credit. In this article, there are the top 5 best credit cards, these will help to rebuild your credit and also improve your score. Try to pay on time and you should keep a low balance according to your credit limit. Have a look following list:
1. Secured Mastercard from Capitalist One
This credit card is accepted at millions of locations all over the world. You have to make a minimum-security deposit. After 6 months, if you are considered for a higher credit line, you need not provide any additional deposit.
The company will regularly monitor your account and make your on-time payments. You can get back your deposit as a statement credit. There is an opportunity that you can manage your account 24/7 online, by phone, or using the mobile app.
- This card is very light on fees and there is no annual fee
- There is no foreign transaction fee also.
- Refundable minimum deposit system.
- There is no system for the sign-up bonuses and no ongoing rewards
2. Credit One Bank Visa for Rebuilding Credit
This card is good for rebuilding your credit. You can get the chance of a minimum annual fee like $0; it will depend on your credit history. This is an unsecured card and you need not provide any deposit. According to your income, you can calculate your annual fee before applying for this card.
- 1% cashback rewards on your purchases like gas, groceries and services as mobile phone, Internet, cable and satellite TV, etc.
- There is no security deposit system
- A monthly credit report will be sent.
- Customers should be aware of all kinds of potential fees for this car
- Foreign transaction fees
3. Fit Mastercard Credit Card
This card will offer you a fast system of application and all activities. If anyone needs urgent requirements, it is best for them. They will get very fast approval. All types of credit owners are eligible to apply for this card. The customers will be sent credit habit monthly to the 3 major credit bureaus, these are Experian, Equifax and TransUnion.
- This card is for all, those who have fair or damaged credit
- It is a widely accepted Mastercard
- Anytime access system for every day
- There is a need for a checking account for this card
- There is no cash-back offer
4. Destiny Mastercard
In this card, your previous financial score or history doesn’t affect you. It is the best side of this Mastercard. Though your credit score or credit history is not that fair, you are able to get this card. There is no impact on your credit score. So, you need to be that much panic for your score.
Moreover, it will help you to build your financial history. For those who have a low or poor financial report, this is the best option for them. And pre-qualification is helpful for you to see whether you are eligible for a poor or damaged credit.
- As it is not a secured card, you need not provide a security deposit
- Payment history will be sent monthly to you all 3credit bureaus
- There is a chip card technology for additional fraud protection
- The high annual fee system
- This card doesn’t offer cashback
5. OpenSky Secured Visa Credit Card
There is no tension about the score if you apply for this card. This card doesn’t require a credit check. Everyone can get this opportunity. If you do not have a bank account, you need not worry because you can pay a security deposit through a check or money order or Western Union. It provides a credit education page on its website for supporting your credit score.
- Your refundable deposit will become your credit line limit on your visa card
- This card builds credit fast
- Those who do not have a credit score earned a credit score after 6months
- Doesn’t require a bank account
- There is no cashback earning
- It carries a high annual fee
- The minimum deposit is quite high
Conclusion
The credit card for damaged or bad credit helps you and keeps you on the way to rebuilding your credit score. So, you should pick a card that is perfect for you and match your income and financial condition. Make research at first for a suitable card for damaged credit. So, choose one for your everyday purchase.