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Finding Credit Cards For Bad Credit

My credit score was less than 500, back when I was only 22 years old. Of the two credit cards issued to me, I used them to destroy my credit. Once I’d maxed out the credit limit on both cards I didn’t have enough money to make monthly payments. 30 days past due, 60 days past due; it went on until my credit score was annihilated.

The credit card company took away both cards and after that, getting approval for another card was impossible. I realized that I was responsible for my mistakes, but had no idea what to do to fix the situation. It occurred to me that I should take control of my finances and start rebuilding my credit. Taking pride in my decision not to ever make any late payments, I was surprised that I still couldn’t gain approval for a single credit card.

Curious about how to properly rebuild my credit, I did a great deal of reading on the topic; that’s when I found out about secured credit cards. Basically, your credit limit on a secured card is equal to the amount you put on deposit with the company; then you make charges as you would with any other card. It didn’t make me all that happy to have to put down $300+/- to be permitted to have a charge card; but then reality struck me that it was the only way.

What I really wanted to find was an unsecured credit card, despite my bad credit; however, weak credit doesn’t qualify.

My #1 Choice For My Secured Credit Card:

After what felt like endless hours of searching, I found the Orchard Bank Mastercard to be perfect for me. The annual fee and interest rate felt equitable to me, compared to the competition. I quickly became conscious of the fact that credit cards for people with bad credit can really cost you; in my case I had to spend $300.

Then the really great part happened about 6 months later …. I’d made steady, on-time payments and suddenly unsecured credit card offers came rolling in. It made me feel a little leery at first, having been turned down in the past, but one day I applied for a card and received approval! Feeling more confident, I applied and was approved for three more credit cards.

All of this happened to me just a few years ago; but now I can boast the fact that I gain approval for any card I desire. Because I pay each of my credit cards in full every month, my credit score is now impeccable. Having had my score fall below 500 way back when, I’m proud of my significant accomplishment of now reaching nearly 800.

Here’s My Advice For Those of You Wrestling With Poor Credit:

If bad credit is sinking you, I really advise that you gain control over your finances and obtain a secured credit card as soon as possible. You shouldn’t spend beyond what you have in the bank and be absolutely sure to pay your monthly credit card on time. Once you begin exercising prudence, rebuilding what you destroyed won’t take as long as you think. Having good credit feels so much better than the other way around. It’s wonderful not to be afraid of being denied credit.

I’m presently in the market to buy a home and it’s REALLY comforting to be assured my credit won’t hold me back. With good credit, the bank will perceive me as a good risk. Not so many years ago, I didn’t feel at all hopeful that this would be possible for me.

About The Author

Ben Todd

Ben was a seriously broke graduate student with bad credit who after finding himself rejected for any sort of credit card or loan for most of his adult life, finally decided to get his financial life in order. ' He spent several years reading as many financial advice books and blogs as he could. And suprisingly, Ben found he actually LIKED the topic of personal finance; after fixing his own finances, starting his own successful work at home website business, and using his earnings to get out of debt, created to help others do likewise!

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