If you have bad credit, you will find it difficult to get your loan application approved. The good news is that you can improve your credit by managing your finances wisely. You can qualify for a credit card even with a bad credit score; there are a number of credit card options for you to choose from. You can opt for a credit repair card to improve your credit and raise your credit score. There are options such as balance transfers, debt consolidation, or a low introductory APR. These cards are designed to help you build your credit and improve your credit score.

Secured credit cards
Secured credit cards, as the name suggests, require collateral for approval. The collateral is in the form of a deposit that will act as a guarantee against your loan. The amount of the deposit is predetermined, and you are required to place the same to secure your credit card. This deposit can be equal to the amount of your credit or maybe a little higher than the credit amount. Also, the deposit can be in the form of cash, car, stocks, jewelry, or any other asset.

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Prepaid credit cards
First, it is important to note that prepaid cards are not credit cards, but they can be used similar to credit cards. The biggest benefit of a prepaid card is that there are no finance charges since all the debt is paid in advance. It will allow you to avoid debt, and you can determine the amount you would like to use on your card. The process of budgeting and financial planning is made easier because you have no debt on you. There are certain fees that could be applicable to the card, and these include ATM fees, over limit fees, and reload fees. Before applying for this type of credit card card, you need to read and understand the terms and conditions well. Learn about any charges applicable to your credit card and make a wise decision.

These two types of cards are specially designed to allow you to build your credit. If you have a low credit score, this is where you should start. Once you get one of these credit cards, you should use it wisely and understand the implications of every purchase you make. Since prepaid credit cards have no debt, they are ideal for rebuilding your credit. You can then move toward a different card after you have a strong credit score. Being financially responsible is the right step towards building credit.

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