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Can I get a credit card with a poor or fair credit rating?

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NEW YORK – December 17, 2021 – (Newswire.com)

iQuanti: If you don’t have a good credit score, you might be wondering if you can still get approved for a credit card. Fortunately, there are many credit card issuers that offer cards to people with low to average credit. Just keep in mind that issuers can only approve you for certain types of credit cards, including secured, unsecured, and student credit cards.

Credit cards for people with low to average credit work a little differently than conventional credit cards, and there are some ins and outs that anyone with a lower credit score should know before getting one.

What contributes to a poor or fair credit score?

A credit score can suffer for a number of reasons, including:

Payment history

If you’ve had trouble paying off loans or other expenses, your credit score can take a hit every time you miss a payment.

Outstanding Debt

Even if you make your loan payments on time, having unpaid debts will affect your credit score.

Credit inquiries

While this is usually not the number one reason for a bad credit score, frequent credit checks can dramatically reduce your credit if you’re not careful.

Before applying for the credit card you want, find out about the credit score needed for a credit card and plan your options accordingly.

What credit cards will approve a poor or fair credit score?

A low credit score doesn’t mean you can’t get a credit card. There are a number of credit card options that may be available, such as:

Secured credit cards

Secure cards are ideal for anyone with low or medium credit. Since these cards require a security deposit, they often don’t need a credit check to get them, and many don’t charge an annual fee.

Unsecured credit cards

Some unsecured credit cards will approve applicants with poor or fair credit scores. These cards can be a great choice for anyone interested in a card with no security deposit required and with higher credit limits than secured cards. But unfortunately, some of these cards charge a high annual fee, so this is something you should consider when deciding which card is best for you.

Student credit cards

Student credit cards are almost identical to secured credit cards except for the required security deposit. These cards are a fantastic option for students looking to manage their budget and build credit.

How Can I Improve My Low Credit Score?

Improving a credit score takes time and effort, but don’t be discouraged. Here are some ways to increase your credit score:

Using a low risk credit card

Using a low risk credit card like a secured credit card is a great way to improve a lower credit score because you don’t need a high credit score to get one. Not to mention that you can add to your balance at your discretion.

Pay your monthly balance in full

Whatever credit card you use, try to pay off your monthly balance in full to improve your credit rating and avoid accumulating interest.

Work to pay off unpaid debt

Make an effort to pay off your current loans. Not only will you ease the financial burden of these loans, but your credit score will improve as well.

Find a safe option for your credit score

While a lower credit score can seem like a serious obstacle to your financial goals, a credit card for poor or fair credit can help you begin the process of rebuilding your score. This can make your milestones a bit more accessible, so start the application process today and enjoy the benefits of a credit card in no time.

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Can I get a credit card with a poor or fair credit rating?