Bad Credit

Store Credit Cards for Bad or Poor  Credit.

Bad Credit

If you have no credit or bad credit, you will have a difficult time trying to get approved for a store credit card.  You will be limited to credit card optioins.  Secured credit cards are the best for trying to rebuild your credit score because they report to the credit agencies. Prepaid credit cards are easy to get approved however they will not report to credit agencies and therefore will not help to improve your credit score. Always look for a low fee and lowest APRs, and build your way back up to good credit.

Store Credit Cards for Bad Credit
If you are looking to rebuild bad credit, become a compulsive shopper or indulge in retail roadtogoodcredittherapy and your bad credit will be restored with time. Sounds crazy doesn’t it? Read this article to find out how it works.
Although store credit cards offer lower credit limits as compared to standard credit cards, if managed properly, they can help you improve your credit score. Store credit cards for bad credit could have a credit limit as low as $50. They are specifically designed for people with bad credit – by charging and paying off quickly, they can build up their credit.
Retail store credit cards are less stringent in their credit score prerequisites. It is highly likely that you will get approved for a store credit card even if you were denied a standard credit card.
Here are a few tricks to use store credit cards for bad credit:
Keep Your Balance Below 30%
It is beneficial to always keep your balance below 30% of the credit limit on any type of credit card. The amount you owe compared to the available credit limit is called the utilization ratio. Keeping the utilization ratio as low as possible will boost your credit ratio. For instance, if your store credit card has a credit limit of $1000, never carry a balance that surpasses $300 ($1000×30%).
Make Occasional Small Charges
This is an even better strategy for using store credit cards for bad credit. When you make infrequent small charges on your retail credit card that you can pay off in full every month, it shows that you can manage credit wisely. With time, the store might offer you higher credit limits. This will further improve your credit scores if you keep your payable balances to the minimum.
Apply for a Secured Credit Card
It is a type of credit card secured by an upfront refundable deposit owned by the cardholder. Generally, the card holder must deposit between 100%-200% of the total amount of desired credit limit. This deposit will be used to pay your debt if payments are not made on time.
By managing your secured or unsecured credit cards wisely, keeping low amount payables and paying off debt regularly, you can improve your credit score significantly over time.
Office Depot, Staples and Macy’s are a few retail store chains that offer store credit cards for bad credit. These store credit cards are easy to get approved for and also report to credit bureaus.

Two critical factors that consumers consider before applying for a credit are ongoing Annual Percentage rate (APR) and the annual fees. If you have a low credit score, you might be looking for bad credit credit cards with no fees to boost your…..Read More


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