4 Credit Cards for People with a Poor Credit Rating

A credit score is a parameter determining the approval of a credit card application. A credit score ranges from 300 to 850. This represents the credit worthiness of a person – meaning the persons’ ability to settle his loan and accountabilities with the bank or the lending institution. A person with poor credit score will most likely fail when applying for a loan or a credit card. The scoring matrix provided for by the Credit Bureau to determine the credit worthiness of a person is as follows;

Excellent Credit, 750 – 850. Good Credit, 660 – 749. Fair Credit, 620 – 659. Bad or Poor Credit, 350 – 619. No Score, 0 – 0.

It shows that a Poor Credit Score ranges from 350 – 619. Therefore, the higher the score is, the better it is for the bank. A person with poor credit history will surely not get an approval since he is a potential threat to the company’s desire to collect money from his investments. A non-paying customer will always be a liability and business growth will definitely be at stake and hampered. Therefore, it is an assumption that people with Excellent Credit or Good Credit Standing will be beneficial to the credit card industry as compared to those with bad or poor credits.

Despite these facts, there are still banks and card companies which offer their service to people with bad or poor credit history. There exist Poor credit credit cards with no fees catering to this market. This means no annual fees and APR being charged to the applicant
Here are some of them:

1.    BuyRight Prepaid MasterCard. This is a card for people with poor credit history. No credit check is required. No security deposit as well and with a maximum of $5000.00 credit limit. This is accepted wherever MasterCard is. No annual fees being charged to the customer.
2.    Centennial Visa and MasterCard. This is another poor credit credit card. However, it does not waive all the charges and fees. There are limitations that were set on the terms and conditions presented. It would be good to go through them when applying as it reports to Credit Bureaus from time to time.
3.    First Premiere Bank MasterCard. This card accepts applicants with poor credit score, but there are terms and conditions enclosed. It also sends out report to the Credit Bureau on a quarterly basis.
4.    Applied Bank Secured Visa. For a minimum deposit of $200.00, one can readily avail of this card. It does not require credit check. No income requirements and does not report to the Credit Bureau. Ongoing APR is 9.99% with a $50.00 annual fee. Maximum credit limit than can be availed of is $5,000.00.

Poor Credit credit cards will always be handy. This is brought about by a portion of the market, which is the group with poor credit score and with poor credit history. Although it is offered, there are certain terms and conditions that go along with it as shown. Banks may offer a Secured Card or a Prepaid Card to accommodate them. There are also Poor credit credit cards with no fees at all and they do offer free annual fees. It is important to remember that building a good credit history remains the highest priority whenever one applies for a credit card.

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