FAQ: I have bad credit, but have never had a credit...

I have bad credit, but have never had a credit card... - Limited/Bad/Fair Credit Questions

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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » I have bad credit, but have never had a credit card and want to build my credit. What are...

I have bad credit, but have never had a credit card and want to build my credit. What are the chances of being approved?

Answered on December 11, 2012

Tags: Bad Credit, Credit History, Secured Cards

You can apply for a secured credit card. You have a better chance of getting approved for this card as the banks protect themselves by asking you to deposit around $200 as collateral. It could be more or less, depending on the credit card issuer and your preferences. You will be able to improve your credit history because secured credit cards report your credit performance to major credit bureaus. The cards have reasonable APRs and offer rewards programs. Some will charge you an annual fee.

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