If you're the kind of someone who has a bad credit rating, finding someone to give you credit can be tough. True, there are clear types of loans (called Bad Credit Loans) out there, but a loan is often seen as a 'big deal' - if it's only small purchases or spending you want to cover, credit cards can no ifs ands or buts seem like an easier option. Thankfully, there are a number of credit cards for bad credit holders available that could not only provide the credit you're after, but even help enhance your bad credit rating if used properly.
While most companies have restrictions on who they give credit cards too, three companies - Capital One, Vanquis and Aqua - offer extra credit cards for bad credit holders. The good news is that providing you've not been registered bankrupt in the last 12 months, are on the electoral roll and have some form of good credit in your history, you could be stylish for one of these cards relatively easily. All three companies have extensive feel working with people who have a bad credit rating, so it's likely that could help you if you're need of some quick and straightforward credit.
Credit Cards For People With No Credit
Not surprisingly though, such credit cards come with a few catches. As already mentioned, there are criteria that need to be met before you can consider applying and sometimes, it's things like not having a permanent address or not being on the electoral roll that can be responsible for a poor credit history forming in the first place. More importantly, however, is the interest rate tied to these cards - clocking in at in the middle of 35 and 40%, they're substantially more high-priced than more primary cards which can potentially originate more problems than solutions in terms of debt. That said, the credit limits on such credit cards are often restricted to in the middle of £150 and £1,000, development it difficult for you to go overboard with spending and get into trouble further down the line.
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