Getting credit cards with bad credit can be a challenge. The good news is, there are still options. Just be careful.
Can I get a credit card with score of 535?
When searching for get credit cards with bad credit, you need to look for the right features. You will have to consider whether you want a secured or unsecured card. Unsecured cards require no security deposit, but may have higher interest rates. Secured cards offer lower fees and higher approval odds.
Keep in mind that your credit utilization ratio can have a negative impact on your credit score. Try to keep your credit utilization to 30% or less. Paying off your balance in full each month will help you avoid paying interest.
Some of the best credit cards for bad credit come with rewards. Rewards are offered in the form of cash back on purchases. Typically, you will receive 1% to 3% of your total purchases. However, some rewards can have a cap on how much you can earn.
Another way to build your credit is to get a balance transfer. Balance transfers can help consolidate your debt. Usually, this is a good option if you can get a lower APR than your existing cards have.
While you are getting a new card, don’t forget to pay your bill on time. Missing a payment will negatively affect your credit score. It is also important to read the fine print.
If you’re just starting out with a bad credit score, you should try to avoid late charges. Bad credit can make it harder to qualify for some types of financial products, such as a mortgage.