How to Get a Credit Card if You Have Poor Credit
It may seem an impossible dream if you don’t have a good credit history. Could you ever get credit cards for poor credit scores? If this is something you are interested in, Bonsai Finance are here to help you find the perfect one for you.
You could have poor credit for a number of reasons, maybe you have County Court Judgements (CCJ) against you because you have missed payments. It could be something as simple as the fact that you have never taken out a loan or borrowed any money before, and as credit card companies always check your credit score when you apply for one of their cards, you could be forgiven for thinking that you have no hope in these cases.
However, the opposite is true, as in some cases taking out a credit card when you have poor credit can improve your credit score.
How Can Credit Cards for Poor Credit Help Your Credit Score?
You have to be sensible and make sure you pay off your balance in full each month. If you can do this while also staying within your credit limit, your credit record will improve. The credit cards will probably have a slightly higher interest rate than for someone who has a full credit history and a good credit score, but Bonsai Finance can help you find one from a trusted lender which has an interest rate that would be perfect for you.
After as little as six months, your credit rating will improve and may have been boosted enough for you to be able to get a credit card with a lower interest rate and more favourable terms. Rebuilding your poor credit starts here.
What Are Poor Credit History Credit Cards?
If you have a poor credit history whatever the reason, you are seen as a high risk. This may be because you have had difficulty in the past with repaying debts, or because you have not had any history at all of borrowing money. In this situation, there is no way of telling whether you can or will pay off any debt attributed to you. This can be the case if you have just arrived in the UK, as well as if you have managed your money perfectly well in the past but have had no need to apply for a loan or credit.
The credit card companies just need to be sure that you will pay off these debts, and to protect themselves they put a higher rate of interest on their cards just in case. The good news is that if you pay back the balance each month, that interest rate doesn’t affect you as you won’t be charged any interest at all.
How to Find a Credit Card
Finding credit cards for poor credit ratings can be simpler than you think. We have a connection with many reputable financial institutions, and because of this we can liaise with them so that they offer you their cards for as reasonable an interest rate as possible. You usually need to be at least 18 with a UK bank account that has your income paid into it, and some ask for a mobile phone number as well.
Apart from that, whatever your credit situation we will be able to find the ideal credit card from one of our lenders that will suit you perfectly. From there, it is a simple case of paying back the balance each month so that you can rebuild your credit score and therefore have more opportunities open to you. Contact us today to start this process so that you can soon repair your poor credit.