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Have you been in financial trouble and your credit report is damaged? Getting a credit card, despite bad credit, could help you get back on track. Here are some options available to you.

 Your credit report is a reflection of your borrower profile. It contains information about your past and current loans, your repayment behavior, your debt ratio and bad checks, among others. Data is provided by financial institutions and service providers (electricity, internet, cell phone, etc.) to credit reporting agencies, such as Equifax and TransUnion. Based on this information, you are assigned a rating. The higher it is, the better your creditworthiness: it tells lenders your ability to repay the loan or credit you are requesting.
Credit reporting agencies use a scoring system between 300 and 900. Scoring above 750 is excellent. It indicates that you pose a low risk to the lender. A score of 500 and below will make access to credit more difficult. In this case, the conditions for obtaining a loan may be more furniture store that will finance with bad credit severe and sometimes less advantageous (higher rate, endorser required, etc.)
The ratings consist of a letter, the type of credit and a number, your profile. The majority of ratings in North America are "R" for "revolving credit". The number 1 means that you have almost exemplary behavior. Conversely, the number 9 indicates that you have bad credit.
If you have been in financial trouble, you could use the second chance at credit to help rebuild your credit .

For its part, the credit card is one of the best tools to build credit and some of them can restore your credit history if you have had financial troubles that have had a negative impact on your rating.

Prepaid credit cards

This principle is similar to that of your debit card, but rather than spending money that you do not have, you are spending money that you have transferred to the prepaid card. You load the card at the desired amount and use it like any other credit card. It is possible to register your card to protect your funds in the event of loss or theft.
However, few lenders report your payments to the credit bureaus. That's why paying with a prepaid card doesn't always help rebuild your credit report. Check with the issuer.
If your credit score is below 500 points, you could sign up for a security deposit card. This involves paying the lender an amount greater than or equivalent to the credit he grants you. This option allows you to improve your credit rating by paying off your balance in full, or the minimum required, before or at maturity.
However, keep in mind that missing a payment has a negative impact on your credit report, whether the balance is $ 30 or $ 800. With such a card, you could lose your security deposit and miss an opportunity to restore your credit rating.
Some issuers may offer you a guaranteed card if your request for a regular card is refused. Ask the issuer if this option is available.

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