Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
It used to be tough to get approved for a credit card with a poor credit history, but these days competing financial institutions are increasingly looking to different sectors of the market where they can offer specialist credit cards. The reality is that these cards have higher interest rates, lower credit limits and not much in the way of extra benefits. However, they’re easier to get approved for and are designed to help you improve your credit rating over time – therefore increasing your chances of approval for other credit products in the future. Here are some popular options for applicants with bad credit plus tips for getting your credit history back into shape.
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What is my credit score?
Your credit score is based on metrics in your credit history and is a major factor in determining your success when it comes to applying for credit. There is no single standardised way of calculating credit scores, with credit rating bodies, banks and credit card companies using their own rating systems in assessing client credit ratings.
Depending on your score, you’re said to have excellent, good, fair, poor or very poor credit:
|TransUnion (formerly Callcredit)||0–550|
What financial products can I get with bad credit?
You have a number of options if you have bad credit, most of which don’t involve credit cards at all.
Ultimately, a bad credit rating can significantly impact your lifestyle, making it difficult to get a car, a mortgage or other forms of credit. If you find yourself in such a position, don’t despair. Making the right choices from now on can lead to financial freedom down the road.
Make sure you compare credit cards for people with poor credit history before you make an application. You shouldn’t apply for every card and loan under the sun, because multiple applications for credit in a short space of time can ring alarm bells with potential lenders. You can also take steps to improve your credit rating and manage your finances so that you can live free of debt. You may opt to begin by requesting a copy of your credit report and identifying the negative listings on your file.
Don’t be down if you have a poor credit history as you have options to help you get you back up and running again.
There are several specialist financial products available to enable you to take control and build your credit score. Use our table above to compare your options. With careful use, this can help you unlock better financial deals in the future.
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