Warning: this site is not about quick fixes. This site is about building long term wealth through responsible strategies. If your credit score is low, it is due to either an unfortunate/unforeseen circumstance, being irresponsible, or more likely some combination of the two. Do not obtain another credit card if you have difficulty managing your finances at this point. It may serve to temporarily help during a difficult time, but it will eventually catch up with you. With that being said…
As with any discussions about credit, the first question is how low? I don’t even mean an exact number at this point? Is your credit pretty good, mediocre, are you in serious credit (and probably financial) trouble? Let’s start from the bottom up.
If you are trying to build credit because you are young and need to establish a credit history and increase your credit score, or you are trying to rebuild your credit due to mistakes, a bankruptcy or other reasons, you may not be able to get a traditional credit card for a while. In either case you need to get a secured credit card to start.
A secured credit card is one that is secured by your cash. You make a deposit, which is usually a minimum of $200, and then use the card like a credit card until the money has been withdrawn (please only spend the money on things you already need, like groceries or gas…therefore not increasing your spending). You then make another deposit and continue the process. In a short period of time you will have developed a history that can be used to get a credit card with a low credit score. Your secured credit card will not be reported as secured, even to the credit bureaus, so it will improve your credit as well.
I do not want to recommend specific companies at this time. There are good and bad companies out there and you need to be diligent in your research, but there are credit card companies that will give you a credit card with a low credit score or no credit history.
I would rather have you develop a plan to improve your credit score, improve your credit worthiness, and move forward with a wealth-building plan that uses good credit to obtain safe, sustainable financial growth in your life.
Stay tuned! I’m in the process of developing that exact product.