The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
[Update: Some offers mentioned below have expired. For current terms and conditions, please see card agreements. Disclosure: Cards from our partners are mentioned below.]
What is the best credit card for someone with bad credit? I’m finally out of credit card debt and now I want to improve my credit score. – Walter
Hi Walter,
Congratulations on getting out of debt! That’s a wonderful accomplishment. You are correct that getting the right credit card can help you boost your score. If you get a credit card and pay your bill in full every month – and on time – you will see your score improve. It will take some time, so just be patient. It’s important, of course, that you don’t get back into debt. But if you feel you’re ready for a credit card, here are a few suggestions for you.
An excellent card for rebuilding credit is the Orchard Bank Classic MasterCard®. When you apply for a card, Orchard Bank will determine if you qualify for a secured or an unsecured card. Don’t despair if you only get offered a secured card, which requires a deposit in a savings account to secure the card. This issuer reports to all three credit bureaus, so you can use the secured card to rebuild your credit history. And you even earn interest on your deposit.
The issuer has three other cards in the unsecured category. If you qualify for an unsecured card, you’ll be offered one of these. The APRs for the unsecured cards range from 14.90-19.90 percent. The APR for one of these cards can be high, so stay focused on paying your bill every month and boosting your credit score. Another downside of these cards is that the annual fee ranges from zero to $60 the first year, and after that, it ranges from $35-$59, based on your creditworthiness.
If you determine that a secured credit card is the way you’ll need to go, you might also consider the Citi® Secured MasterCard®. With this card, you deposit an amount ($200 to $5,000) into a Certificate of Deposit (CD). You earn interest on the CD and the issuer reports to the major credit bureaus so you’ll rebuild your credit history. After 18 months, you’ll be considered for the unsecured Citi® Platinum Select® MasterCard®.
Image: IKEA Boy ♂【J.D Chen】™, via Flickr.com
April 9, 2024
Credit Cards
October 21, 2020
Credit Cards
August 3, 2020
Credit Cards