Resources
It can often be challenging to rebuild credit or start a fresh credit profile. This is because many companies and banks are risk adverse, only looking to extend credit to individuals with good to excellent credit history. The companies below have products that will extend primary lines, even with bad or no credit history. Some even have lines starting at over $5,000.00! We have included the major points of each program and website links.
6 best credit cards for bad credit in May 2023
People with bad credit scores (in the 300 to 579 FICO score range) can benefit from using a card designed specifically for them. Building or repairing your credit opens your options for financial products with better terms and rates. To make it easier to find a card that fits your needs, we’ve compiled the best credit cards for bad credit available from our partners. Link provided below: https://www.bankrate.com/finance/credit-cards/bad-credit/
CAPITAL ONE PLATINUM SECURED CREDIT CARD:
Capital One Secured Credit Card allows you to apply for pre-approval with no risk to your score. Annual fee of $0. Security deposit from $49-$200. Consideration for increased credit limit after 6 months. Reports to all 3 bureaus. https://www.capitalone.com/credit-cards/platinum-secured/
COAST DIRECT:
Line Size: $5,000 credit line industry – Online Retail Requirement: (18 years +, U.S. Citizen, Income of $1.6k+, Bad credit ok.) Membership fee of $95.00 required. Must place order of $100. Reports to Experian, Transunion, and Equifax. Reports monthly. Website: https://www.newcoastdirect.com/how-it-works NOTE: Requires valid SS Card, and ID Card. You can add a co-applicant during initial application.
CREDIT STRONG:
Savings program designed as an installment loan. Line Size: Up to $18,000 administered by a bank. Includes fees. Reports to all three major credit bureaus. Easy Approvals. Reports monthly. Cancel Anytime. Website: https://www.creditstrong.com/
CREDIT ONE BANK:
Apply without harming your credit score and see limit you pre-qualify for. Lines between $300 and $3000. Fee varies. Auto increases credit limit after application. Website: https://www.creditonebank.com/pre-qualification/
CROWN JEWELERS:
Line Size: $2,500 credit line industry – Online Jewelry Requirement: (18 years+, U.S. Citizen & resident, employed, Bad/No credit ok.) No credit check. Requires down payment when making purchase. Requires 6 months payment to receive unsecure line. Reports monthly. Website: https://www.crownjewelers.com/Application.asp NOTE: Might take up to 60 days before first posting
EXPERIAN BOOST:
Service reports only positive bill payment to credit bureaus. Reports bill payment like phone bills, utilities, etc. Free service, but requires membership account. Requires connection of bank account to identify bills. Reports in real time. Only Reports to Experian. Website: https://www.experian.com/boost
FINGERHUT:
Fingerhut offers revolving line and a “Fresh Start” program. Requires an order of over $50. Requires down payment of $30. Reports to Experian, TransUnion, and Equifax. Reports monthly. Website: https://www.fingerhut.com/creditApp/index NOTE: “Fresh Start” program is good for no/bad credit.
FIRST PREMIER BANKCARD:
First Premiere Bankcard Secured & Unsecured is for credit builders or people with little to no credit. Credit Limit ranges from $200-$5,000. Annual fee ranges from $50-$125. Eligible for credit limit increase after 12 months. Reports monthly to credit bureaus. www.mypremiercreditcard.com
OX PUBLISHING:
Lines Size: $2,500 credit line industry. Online Bookstore Requires: $25/monthly fee to report. Must place order of $180 to activate account. Reports to Equifax only. Reports monthly. Website: https://oxpublishing.com/credit/p7/ NOTE: Might take up to 60 days before first posting.
PETAL CARD:
Line Size: Up to $10,000 in credit line industry – Consumer Credit Card. No monthly fees. Reports to all three major credit bureaus. Offers pre-approvals with soft pull. Reports monthly. Uses financial records if no credit score Website: https://www.petalcard.com/ NOTE: OFFERS CASH BACK ON SPEND NEW.
RENTAL KHARMA:
Rental Kharma reports verified rent payments to credit bureaus. Requires on time registration fee of $25. Requires on-going payment of $6.95/month. Reports to Transunion. Reports monthly. Website: https://rentalkharma.com/# NOTE: Rental Kharma can report rent for the past 24 months for $5.00/month.
RENTAL REPORTERS:
Rental Reporters reports verified rent payments to the credit bureaus. Requires one time registration fee of $94.95. Requires on-going payment of $9.95/month. Report monthly. Website: https://prf.hn/click/camref:1100l7yzz NOTE: Spouses and roommates can sign up for a $50 registration fee. Additional landlords can be added for $50, per landlord.
SELF LENDER FDIC:
Insurance Certificate of Deposit. Requires deposit to be made and retained for 12 months. Interest paid on deposit when 12th monthly payment is made. Reports to Experian, TransUnion, and Equifax. Reports monthly. Website: https://selflender.com/refer/13046254 NOTE: Great for building credit while you save!
ADDITIONAL RESOURCES:
VITAL CARD https://www.vitalcard.com/
CREDIT BUILDER CARDS https://www.creditbuildercard.com/t
CAPITAL ONE SECURE https://www.capitalone.com/credit-cards/secured-mastercard/d/
WELLS FARGO SECURED CREDIT CARD https://www.wellsfargo.com/credit-cards/secured/
DISCOVER SECURE https://www.discover.com/credit-cards/secured/
LOCAL CREDIT UNIONS Most local Credit Unions will open a starter for new credit profiles.
https://www.lendingtree.com/credit-cards/best/bad-credit/
https://www.forbes.com/advisor/credit-cards/best/bad-credit/