What are the Best UK Credit Cards for Poor Credit?

Best UK Credit Cards for Poor Credit

Having poor credit can be a significant barrier to obtaining credit cards, as many lenders are hesitant to approve applications from individuals with a low credit score. However, there are still options available for those with poor credit in the UK. In this article, we'll explore some of the best credit cards for poor credit and provide some tips on how to improve your credit score.

Secured credit cards

If you have poor credit, one option is to apply for a secured credit card. These types of credit cards require you to put down a deposit, which acts as collateral for the lender. The credit limit is usually equal to the amount of the deposit, so you can't spend more than you have put down. Secured credit cards are a good option for those who want to rebuild their credit, as they report to the credit bureaus and can help improve your credit score over time.

Vanquis Bank Chrome Credit Card

The Vanquis Bank Chrome Credit Card is a secured credit card that is designed for those with poor credit. It has a representative APR of 24.7%, which is higher than some other credit cards, but may be lower than other options available to those with poor credit. The credit limit is between £150 and £1,000, and you can choose to increase your credit limit after your account has been open for four months.

Credit builder credit cards

Credit builder credit cards are another option for those with poor credit. These types of cards are designed to help you improve your credit score by showing that you can manage credit responsibly. They typically have higher interest rates and lower credit limits than other credit cards, but can be a good way to rebuild your credit.

Aquacard

The Aquacard is a credit builder credit card that is designed to help those with poor credit improve their credit score. The interest rate is 34.9% APR, which is higher than some other credit cards, but may be lower than other options available to those with poor credit. The credit limit is between £250 and £1,200, and you can increase your credit limit after your account has been open for four months.

Tips for improving your credit score

In addition to applying for a credit card designed for poor credit, there are other steps you can take to improve your credit score. These include:

1. Paying your bills on time: Late payments can have a significant impact on your credit score, so it's important to make sure you pay your bills on time.

2. Keeping your credit utilization low: Your credit utilization is the amount of credit you are using compared to your credit limit. Keeping your credit utilization low can help improve your credit score.

3. Checking your credit report: It's important to check your credit report regularly to make sure there are no errors or fraudulent activity.

4. Avoiding applying for too much credit at once: Applying for multiple credit cards or loans at once can have a negative impact on your credit score.

Conclusion

While having poor credit can be challenging, there are still options available for those looking to obtain a credit card. Secured credit cards andcredit builder credit cardsare good options for those with poor credit, and there are steps you can take to improve your credit score over time. By paying your bills on time, keeping your credit utilization low, checking your credit report regularly, and avoiding applying for too much credit at once, you can improve your credit score and increase your chances of being approved for credit in the future.