How to Get a Credit Card With Bad Credit
If you have poor credit, it can feel like you’ve been blacklisted. Fortunately, there are ways to repair a damaged credit history, as long as you’re sensible. Find out how getting a credit card can help.
What does it mean to have poor credit?
Poor credit means that you look like a bad risk to lenders. You can find yourself with a poor credit rating because you’ve failed to make mortgage or credit card payments on time, or missed them altogether. County Court Judgments and bankruptcy orders can also leave a black mark against your name. This, in turn, impacts your credit rating. If you don’t make a positive effort to improve your credit rating your score could remain low for years.
Having poor credit can make things difficult. It means it’s near impossible to get a mortgage, hard to pay for car insurance and can even cause problems getting a phone on contract.
How can you repair it?
Check your credit report carefully and ensure there are no mistakes on your file. Start by making sure all of your bills and debts are registered to your correct name and current address. Lenders also prefer you to be on the electoral roll and have a landline telephone number.
A good way to repair a damaged credit history is with a poor credit credit card. These cards are designed to be used by people with bad credit histories; the idea is that you use the card responsibly to prove to future lenders that you can be trusted.
Things to be cautious of
Making multiple credit applications sends out a message of desperation to lenders. An unsuccessful application will leave a footprint on your credit file, so only apply for credit you are likely to get. With marbles’ free FastCheck eligibility checker, you can find out your likelihood of being accepted before you apply.
Be aware that many poor credit credit cards typically charge a high annual percentage rate (APR). Start by only spending small amounts and clear the balance each month. That way you won’t be charged any interest and you will gradually build up trust in the eyes of lenders.
Paying off your balance on time and in full can make a significant difference to your credit rating. When used with care, a marbles card could help you repair your credit rating over time.
The APR applicable to your account will depend on our assessment of your application. Credit only available to over 18s resident in the UK and subject to status.