There are plenty of individuals and families out there that are suffering from bad credit syndrome that were caused by a large variety of life problems that have arisen in their lives. If your reading this article then it is most likely that you are one of those victims that have bad credit but don’t have the financial troubles like before. However, you most likely are finding it difficult to get the trust of creditors. Unfortunately, we live in a society where lenders look at credit scores and not the actual person and the past situation which caused the financial hardship. Whether your poor credit was a result of medical expenses, unemployment, or underemployment, you must have the patient to rebuild your credit because it can be a slow process.
List Of Bad Credit Unsecured Credit Cards
The greatest problem people with bad credit face is getting a creditor to extend credit to them so they can start to rebuild their history of payments that are reported monthly to the major credit bureaus. This is unfortunate as many creditors and lenders are unwilling to take that risk. However, I have taken the journey of locating bad credit unsecured credit card creditors that will save you both time and unnecessary inquires on your credit report that will hurt your score further.
Below you will find a real 2015 list of unsecured credit cards for bad credit that was found by my recent experience of rebuilding my own credit.
Credit One Bank – This creditor offers a short application that will let you know if you are pre-qualified before you even apply for one of their credit cards. Since this is not a application for credit, it will not affect your credit score by adding a hard inquiring to your credit report. Odds of approval are fair.
The Visa Platinum credit card they offer comes with a interest rate of 17.90% to 23.90% with a annual fee ranging from $35 to $99 per year. Features of this card include: $300 initial credit line minus the annual fee, automatic credit line increases, unlimited one percent cash back on gas and groceries, free monthly credit score tracking, $0 fraud liability, and most importantly they report your payment to all the major credit bureaus.
Did you Know? Hard inquiries that are reported to your credit report will usually happen when a credit card issuer or lender checks your credit history when making a decision to grant you credit. Hard inquiries can lower your credit score rating a few points points and will stay on your credit file for two years.
Soft inquiries occur when a company or person checks your credit file for getting pre-qualified for credit card offers, part of a background check, and checking your own credit rating. A soft inquiry won’t have any affect on your credit score.
Horizon Gold Card – offers its members an initial $500 credit limit regardless of their credit score so long as they are 18 years old or older, a legal U.S. resident, supply the correct information on their credit application information, plus currently have an active debit card or credit card. This credit card can only be used on purchases in the Horizon Outlet Website. Payments will be reported to a credit bureau as an unsecured credit line. Learn more about the Horizon Gold Card. Odds of approval are almost guaranteed.
First Premier Bank – This creditor offers a unsecured credit card with a APR of 36% that is designed for those people with bad credit. This genuine MasterCard credit card comes with a initial credit limit of $300.00, however your initial available credit line will be $225.00 because of their $75.00 annual fee. They also charge a upfront processing fee of $95 before they will mail you the card. This creditor does report payments to the major credit reporting agencies. Odds of approval are excellent.
Total Visa Card – This credit card is issued by Mid America Bank & Trust Company. Applicants must have a valid open checking account to get approved for a initial credit limit of $300.00. A applicant must be willing to pay a $89 application fee upfront along with being charged a $75.00 annual fee which will lower the initial available credit to $225. The APR is 29.99% and monthly payments are reported to the major credit bureaus. Odds of approval are excellent.
WebBank/Fingerhut FreshStart Credit Account – Offers a one-time extension of credit that allows those with bad credit to finance one order from Fingerhut up to the approved loan amount. A $30 down payment is required before any merchandise is shipped. Once the monthly installments payments have been payed, you will receive a Revolving Credit Account. Payments are reported to your credit report. Odds of approval are excellent. Learn More: Fingerhut Fresh Start Credit Card For Bad Credit
Flexshopper – If you need to purchase something from a store such as Sears, Home Depot, Wal-Mart, Lowe’s, Dick’s Sporting Goods, Amazon, GameStop, Ashley’s Furniture, Office Depot, and many more but you can’t get the credit you need because of terrible credit then you must check out Flexshopper where they buy the product you want from them and then you repay Flexshopper back weekly over the course of 52 weeks or as 90 days same as cash! Odds of approval are excellent.
Important Note From The Author: Please read my personal experience I have had with getting approved for the above credit cards that I recently had repairing my own bad credit!
Even though most of these credit cards that I have listed above come with high APR’s, processing fees, and annual fees, they are a great way to give your credit score a push in the right direction. Just make your payments on-time and keep your credit limits to balance ratios low and there should be no problem getting approved for more alluring unsecured credit cards in the future. The last thing anyone wants to do is to land themselves right back in the same situation that they just dug themselves out of. Good Luck!