If you have a bad credit rating (credit score of below 580), your selection of credit cards is typically very limited. Your credit score can get this low as a result of several different kinds of financial disasters, including having collection accounts, charge-offs, going bankrupt, receiving tax liens, or having a long history of delinquent payments.
If you have bad credit and want to get a credit card, you have two options:
- A secured credit card – Secured credit cards require a deposit. See our Editor’s Picks for Best Secured Credit Cards.
- An unsecured credit card designed for people with bad credit – These cards do not require a deposit, but may come with other annual fees or higher interest rates. See our Editor’s Picks for Best Unsecured Credit Cards for Bad Credit.