Can I Get a Credit Card With a Poor or Fair Credit Score?

iQuanti: If you don’t have a good credit score, you may be wondering if you can still get approved for a credit card. Luckily, there are many credit card issuers out there that offer cards for people with poor or fair credit. Just keep in mind that issuers may only approve you for certain types of credit cards, including secured, unsecured, and student credit cards. 
Credit cards for people with poor or fair credit work a little differently than conventional credit cards, and there are some ins and outs that anyone with a lower credit score should know before obtaining one. 
What contributes to a poor or fair credit score? 
A credit score can suffer for a number of reasons, including: 
Payment history 
If you’ve had trouble paying off loans or other expenses, your credit score can take a hit each time you miss a payment.  
Outstanding debt 
Even if you make your loan payments on time, having outstanding debts will affect your credit score. 
Credit inquiries
While usually not the primary reason for a poor credit rating, frequent credit inquiries can lower your credit a significant amount if you’re not careful. 
Before applying for the credit card you want, learn about the credit score needed for a credit card and plan your options accordingly. 
What credit cards will approve a poor or fair credit score? 
A low credit rating doesn’t mean you can’t obtain a credit card. There are a number of credit card options that may be available, such as: 
Secured credit cards 
Secured cards are a great fit for anyone with poor or fair credit. Since these cards require a security deposit, they often don’t need a credit check to obtain, and many of them do not charge annual fees. 
Unsecured credit cards 
Some unsecured credit cards will approve applicants with poor or fair credit scores. These cards may be a great choice for anyone interested in a card with no required security deposit and higher credit limits than secured cards. But unfortunately, some of these cards charge high annual fees, so this is something you should consider when deciding which card is right for you. 
Student credit cards 
Student credit cards are nearly identical to secured credit cards, with the exception of the security deposit required. These cards are a fantastic option for students looking to manage their budget and build credit. 
How can I improve my low credit score? 
Improving a credit score takes time and effort, but don’t be discouraged. Here are some ways you can raise your credit rating:
Use a low-risk credit card 
Using a low-risk credit card like a secured credit card is a great way to improve a lower credit score, as you don’t need a high credit score to be approved for one. Not to mention that you can add to your balance at your discretion. 
Pay your monthly balance in full 
No matter what credit card you use, try to pay off your monthly balance in full to improve your credit rating and avoid accumulating interest. 
Work to pay off outstanding debt 
Make an effort to pay off your current loans. Not only will you alleviate the financial burden of these loans, but your credit score will improve as well. 
Find a safe option for your credit score 
While a lower credit rating can feel like a serious impediment to your financial goals, a credit card for poor or fair credit can help you begin the process of rebuilding your score.  Doing this can make your milestones a little more obtainable, so start the application process today and enjoy the benefits of a credit card in no time. 
Source: iQuanti, Inc.