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Credit Cards with Damaged or No Credit

Updated on February 15, 2012

Are you now in the market for a new credit card but are not looking to put any money down on a secured card? Finding credit cards for a variety of different credit situations that require no deposit can be a tedious process and often difficult. There are a lot of different places that you can find information on how you can get an unsecured card with awful or no credit. Let’s take a little bit of time to see what we can find out about these unsecured credit cards.

When people with damaged or no credit fill out credit cards applications, there are a couple of different options that are normally offered. It is essential that, you know the difference in the credit card options, so you can avoid any upfront deposits. When your credit rating is distressing, you have two options prepaid credit cards or adverse credit, credit cards.

When you search for a card with these qualifications online, the first one you may run into for damaged credit situations is the prepaid credit card or secured credit card. These are not at all bogus credit cards, they offer a way for the lender to issue you a card with a small deposit that will be your credit limit. This protects you as well because if you ever want to close or unable to pay they will take the money from that deposit and the card will be closed and paid. But, if you use the card for only small purchases it will help you build and reestablish your credit history.

Some people will just stop searching for credit cards at that point because they believe there are no other options for them. But, if they dig a little more there are additional options that you can qualify for without applying a deposit.

A lot of smaller companies deal are specifically designed to offer credit to people with wither damaged or no credit. These companies typically will not require an upfront deposit for the card, but may have some hefty annual percentage rates or annual fees that you want to look into prior to applying.

The companies will typically offer you a small credit limit at first, of around 300 they will deduct the amount of their fees right from your credit balance of the card. This results in a substantially less available balance when you receive the card. But, Instead of requiring money upfront as a deposit the credit card issuer will offset the risk by adding this cost when you receive the card. Then you can receive a credit card with no money up front, and you can work to pay down the balance of what is currently on there to establish a favourable report with the credit card company.

With few other available options to people with damaged or no credit these two option offer the best chance for individuals to reestablish their positive credit history. So, the two cards that we have are secured cards which require upfront deposits, but also unsecured cards that don’t require a deposit and add their fees that take away from your initial credit limit. No matter how you decide to get a credit card remember to make your min payments at the very least, or if you can pay it off at the end of the month. Avoid aquiring a ton of new debt, so that you can have a positive personal financial out look with which you are not limited to such degrees in the future.


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  • Lgali profile image


    9 years ago

    very nice hub again


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