Finding Credit Cards For Bad Credit

When I was 22 years old, my credit score was under 500. I had taken out two credit cards and ruined my credit with them. I basically let them run all the way up to the limits and then couldn’t afford to make any payments. They got way late and my credit score imploded.

I lost those two credit cards and after that couldn’t get approved for cards. It was my fault but I didn’t know what to do to get out of that circumstance. I started to be more responsible with my finances and made up my mind to rebuild my credit. I decided that I would never make another late payment, but couldn’t get approved for any credit cards.

I started doing a lot of research into rebuilding credit and that’s when I discovered secured credit cards. You put down a deposit for the amount you want to have as your credit limit and you then use that amount like a credit card. I personally didn’t want to spend $300 or so to get a card but soon realized that I didn’t have any other choice.

Honestly I was hoping that I could find unsecured credit cards for people with bad credit, but my credit was too weak.

My Secured Credit Card Of Choice

I did a ton of research and decided that the Mastercard from Orchard Bank was my best option. Compared to the other cards out there, it had a reasonable interest rate and a decent annual fee. That’s when I realized that getting credit cards with bad credit was pretty expensive – for me it was $300.

The awesome thing was that after making on time payments for about 6 months, I started getting offers for unsecured cards. I was skeptical about whether I’d get approved but I finally decided to apply for one and was approved. I was then able to take out a few additional cards and now have four.

That was a few years ago but I can now get approved for any card that I want. I pay off my cards each month and have an awesome credit score. I’m approaching 800 now and that’s a huge accomplishment for a person that once saw their score drop below 500.

Advice For Those With Poor Credit

If you have bad credit, I would highly recommend getting control of your finances and then taking out a secured credit card. Pay it off each month and don’t spend money that you don’t have. If you will start to have this self discipline, it won’t take long at all to rebuild what you have lost. It feels a lot better to have good credit. I don’t fear getting denied credit anymore.

Right now I’m looking to buy a house and it feels REALLY good knowing that I don’t have to worry about my credit. It’s something that will make me look better to the bank. A few short years ago it didn’t seem like that was in the realm of possibility.