If you have bad or poor credits and want to reestablish your credit, there are many special cards designed just for you. No one wants to have bad credit. Due to the shrinking economy, many people lost jobs, foreclosed their house, and default their credit card payment. Those are have a credit score or 600 or lower are considered bad or poor credit. And in recently years, financial institutions are tightening their underwriting standard to reduce the risk of default. So fewer people are being approved for credit card applications today.

So can I still apply for a credit card if you have bad credit? If you know you have a major blemish on you credit score you should not consider applying for any Diamond or Platinum credit cards that requires excellent credit. I know these cards offer perks like 0% intro APR and up to 5% cash back. But you will have 0% chance of getting it approved. Instead, since your credit history is poor, you should apply for a secured credit card. These cards don’t offer reward points or cash back, neither do they give you a credit line without your making a deposit first. Usually the credit line is the same as or a few hundred dollars higher than the amount you deposit. The credit is not an issue anymore since the card issuers can take the money from you deposit in case you don’t pay the balance due.

In addition to deposit to secure the credit line, you will have to pay a higher interest rate than that of regular credit cards. But if you are determined to get your credit back to good standing, apply for one of those credit cards and always make the minimum monthly payment, or even better – pay off the balance every month. Your credit lender will be willing to low the interest rate. And it will become easier for you to borrow more money and apply for a mortgage later.