Credit Cards for Poor Credit Score

Are you facing any challenges in obtaining a credit card due to a poor credit score? Don't lose hope just yet! In this article, we will explore effective strategies to help you secure credit cards despite less-than-ideal credit history.

While a low credit score can certainly present obstacles, it doesn't have to be a roadblock in accessing financial tools that can be valuable for day-to-day transactions and building credit.

We will delve into the steps that you can take to improve your chances of approval — exploring secured credit cards, seeking co-signers, or opting for credit cards designed for individuals with less-than-perfect credit.

Let’s discover how you can navigate the credit landscape and set yourself on the path to financial growth and stability.

What is a Bad Credit Score?

The al etihad credit bureau (AECB) in the UAE analyses a person's financial history to calculate their credit score, which is represented by a three-digit numerical value.

A credit score below 600 is usually considered poor or bad. Most lenders prefer to offer credit to applicants with a good or high credit score of 750 or more.

A low credit score suggests a history of poor credit repayment or incorrect credit decisions. This makes such individuals riskier candidates for loans or credit cards, as the likelihood of defaulting on payments is higher.

Reasons You Might Have a Bad Credit Score

Your credit score is a crucial indicator of your overall financial health. Thus, if you have a lower credit score, you can be considered a risky candidate by banks and lending institutions for loans or credit cards. Poor credit history or a low credit score usually results from mismanagement of credit and can be attributed to the following reasons:

• Failure to make timely payments on loans and credit cards
• Non-payment or defaults on loan and credit card obligations
• Loss of property due to failure to meet mortgage payments
• Accounts that have been declared as uncollectible or settled for less than the full amount owed
• Multiple credit inquiries within a short period, which lead to multiple hard inquiries and may indicate higher credit risk

Having a poor credit history makes you less favourable to creditors, which results in credit card applications being rejected based on the mentioned reasons.

Types Of Credit Cards for Poor Credit

As we said earlier, even with a low credit score, you can still obtain a credit card. While the rewards and perks available to you may not be as generous as those offered to individuals with a good credit history, you can still find a few options with respect to credit cards for poor credit.

Here are three credit cards suitable for low credit scores -

• Secured Credit Cards - Ordinarily, credit cards require good creditworthiness for approval, making it challenging for those with bad credit scores to obtain one. However, secured credit cards offer a great solution for individuals with poor scores. By pledging high-value collateral, you can secure a credit card with a credit limit based on the collateral's value.
• High-Fee Unsecured Credit Card - Some issuers provide credit cards without stringent credit score requirements or collateral deposits. However, these cards come with high maintenance charges. While using such cards can help rebuild your credit score, it's ideal to transition to a more suitable card in the future.
• Credit Card Issued by Primary Bank - Several banks offer their existing customers free credit card facilities, even to those with poor credit scores. If you have a long-standing relationship with a particular bank, it may approve your credit card application based on its familiarity with your financial behaviour and risk profile.

How to Get a Credit Card with a Poor Credit Score?

Here’s how you can get credit cards for poor credit -

• Show Evidence of Your Income - If you have a good job and sufficient earnings, you can obtain a credit card even with a low or no aecb credit score. By presenting evidence of your income to the bank, you can demonstrate your ability to make timely bill payments.
• Obtain a Credit Card Against a Savings Account - Some banks may offer credit cards linked to savings accounts. To secure such a credit card, you would need to deposit a specific amount with the bank, after which you are good to proceed.
• Get an Additional Credit Card - Another method to acquire a credit card despite a bad or no AECB credit score is by obtaining a supplementary credit card. This type of card shares the same features as the primary credit card and can be used by family members. It eliminates the need for multiple cards within a family and can be utilised during financial emergencies, irrespective of one's credit score.

Tips to Improve Your Bad Credit Scores

Let’s now go through some tips through which you can easily boost your credit score -

• Use Credit Card Wisely - Using a credit card responsibly can positively impact your creditworthiness. However, be cautious as late payments or exceeding your credit limit can have adverse effects.

The key points to remember here are -

• Avoid exceeding your credit limit, which represents the maximum borrowing capacity.
• Aim to pay off your credit card balance in full each month. If not possible, make the minimum payment at the very least to reduce interest charges.
• Pay off your bills in a timely manner.
• Set up a Direct Debit for automatic balance repayment.

1. Avoid Frequent Applications - Multiple applications for loans or finance in a short span can reflect negatively on your credit report and lower your score. Limit applications to maintain a favourable credit profile.
2. Review Your Credit Report - Check your credit report for errors or missing information, as discrepancies in even minor details like date of birth or address history could significantly impact your credit score.
3. Joint Accounts Matter - Joint borrowing with a partner can link your credit profile to theirs. In case you have such an account, you should encourage your partner to work on their credit as well to improve your score.
4. Joint Current Accounts - Both partners' credit scores are affected by the usage of a joint current account. For instance, if your partner incurs unarranged overdraft fees, it might get registered on your partner’s credit report as well as that of yourself.

Check out some frequently asked questions regarding credit cards for poor credit in the next section. 

Frequently Asked Questions

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