[I]f you do not have at least a 700 credit score, you’re likely to encounter trouble getting approved for loans and credit cards. Once your score dips into the early 600s or lower, you’re very likely to be denied credit. Credit repair rebuilding credit cards are available, but usually at rather high interest rates. Also, many cards geared toward the “sub-prime” market require a security deposit. Responsibly using such credit cards however can increase your credit score. What follows is a partial list of cards geared toward people with no credit rating or a poor credit score.
PNC Bank offers its customers a secured Visa credit card regardless of their credit ratings. You must place a deposit of $250 which is “frozen” and held just in case you do not pay the bills on time. This is not the same as a debit card; think of your savings account as untouchable collateral. PNC Bank representatives will only issue applications for credit repair rebuilding credit cards in person, so call 888-PNC-BANK to find out if there is a branch in your state. As of 2013, the card had a monthly fee of $3 and annual interest rates ranging from 15.74 to 18.99 percent.
First PREMIER Bank has multiple types of Visa and MasterCard products for people with credit challenges. Some of the cards require a partial or full security deposit, while others require payment of a non-refundable $95 service fee to start the account with a $300 credit limit. Depending on your state of residence, your annual interest rate could reach 36 percent. Thus, it is a good financial move not to carry significant balances on First PREMIER cards. Call 800-987-5521 for additional details.
Capital One is still one of the leading issuers of credit cards for students, people without credit, and people with a less than stellar credit history. However, the company now issues a variety of cards with favorable terms to people with a good or excellent credit record. There are still partially or fully secured MasterCard or Visa cards available for the sub-prime market, but the more elite cards with low interest rates and rewards programs typically go to people with a good credit history. For more information, call 800-219-7931.
