Poor Credit History: Credit Card Comparison Tips
Poor Credit History: Credit Card Comparison Tips
People with poor credit history usually immediately assume that they no longer have any choice when looking for a credit card and just sign up for the first one that will approve their application. This is true in the sense that you will definitely not qualify for low interest cards, and only get approved for credit cards with high interest rates. However, if you have a poor credit history, you still have choices, especially if you look at it in the perspective of finding a card that will suit your current situation the best.
Before anything else, as someone with a poor credit history, one of the most important motives (if not the only) you should have for getting a credit card at this point is to help rebuild your credit history. Of course the easy access to credit that a card will give you is helpful, but that shouldn't be your focus. Instead, you should focus on getting a card so that you can rebuild your trustworthiness in the eyes of creditors by showing them that you now know how to use your credit card wisely.
With that in mind, you will find that your approach to credit card comparison will greatly differ from that of normal credit card applicants.
The biggest difference is perhaps in the emphasis you put on the interest rates. While finding a card with a relatively low interest rate is desirable, interest rates will not be the primary factor you should consider in finding a card. The same goes for the other fees charged by the card.
Instead, opt for the card that will give you the smallest credit limit possible. This may sound crazy, but if your motive is to truly rebuild your credit, then you should have no plans of using your card that much, least of all ever want to reach your credit limit. Moreover, with knowing your own history of financial misuse, you can help yourself by lessening the temptation posed by a big credit limit.
Another factor you should consider is the online credit services offered by the card. At the very least, opt for a card that has online payment facilities. Other features of credit card online services, such as online balance transfers and PIN activations should be treated as a bonus. You should also choose a card that will easily allow you to set up a direct debit payment scheme with your bank so that you won't miss out on your credit card payment in the future.
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