Credit Card - Poor credit or low credit score

Now, given that this site, at this stage, is kind of devoted to those of us out there with a less than whiter than white credit rating, it stands to reason that the only credit cards that would be worthwhile discussing would be those suited for consumers with a poor credit score. The ideal situation obviously is one where everyone can secure a platinum Visa or Mastercard but unfortunately with the economic situation being blamed on the easy availability of credit and the lenders propensity, until last year, to lend money to anyone with a belt to keep their trousers up rather than a piece of string, we can safely say that the days of freely available credit and loans are over, at least for now.

The view of the lenders is that everyone should of course be able to have credit, within reason, a profitable way of thinking to be sure. There are credit card options out there for those with a slightly tarnished credit rating and they are usually typified by a reduced amount initially available and a slightly higher interest rate than usual.  To be fair, these product are often a godsend and in some cases the only way to retrieve a credit score that is heading down the pan.  To give two of the more well known examples, cards such as the Capital One Classic or the Vanquis Visa provide credit facilities to consumers with poor credit, little or no credit history and even students and new migrants to the UK.  With interest rates at 34.9% APR for the Classic and 39.9% for the Vanquis they offer a way to rebuild your credit score.  Starting out at a low level of credit, say 250GBP and rising up to 2500GBP, as long as the repayments to the loan are made, these credit cards will go a long way to resurrecting your credit rating.  The key to both of these cards is to be very strict with your finances.  Some might say that this is a bad idea, as it was probably a less than firm grip on your monetary situation that got you a poor credit score in the first place, however, if you are unable to get credit elsewhere and you are really dedicated to making the repayments, these cards really are a good idea and for those who need credit, almost everyone in my view, you will be able to watch your credit score begin to improve.

I would suggest making a visit to a good comparison site and marking up the pro's and con's of the credit cards available to you.  Make an informed decision, be clear on all the terms and conditions and finally, the most important, make the repayments.