Mr Credit Card
Second chances credit cards offer those who have damaged their credit another opportunity to rebuild their credit. Below is a list of credit cards offering you another chance to get your credit straightened out.
Second Chance Credit Cards with No Security Deposit
Below are unsecured credit cards that will help rebuilders and give you a second chance and another opportunity to rebuild your credit. To increase your chances of approval, it is best not to have any delinquencies and late payment for at least 6 months to a year.
This credit card from Merrick starts you off with a credit limit ranging from $550 to $1,350. After you have paid on time for 7 months, you will get your credit line doubled. This is such a great feature because may second chance credit cards offer very small limit (usually around $300). You need a credit score of about 620 to have any shot of getting approved. If your credit score around this level and you have been paying all your bills on time for the last 6 months to a year, then this is a card to consider.
Annual Fee: $0-$72
Regular APR: 23.7% - 29.95%
Starting Credit Limit: $550 - $1,350
Read our review of the Merrick Bank Double Your Line Mastercard
Reflex Mastercard is another card that will give you a second chance and opportunity to rebuild your credit. Their range of fees and rates come in a range so that those of you on the "upper end" of the bad credit spectrum (620-640 score) will get low fees, high credit limit and a lower APR. You will also be evaluated for a credit line increase after 7 months. This is one of the few cards that will give you an opportunity to get $1,000 in starting credit limits. They also have track record to increasing your limits over time.
Annual Fee: $75 - $125, then $99 - $125
Regular APR: 29.99%
Starting Credit Limit: $300 - $1,000
Read our review of the Reflex® Platinum Mastercard®
The Revvi Credit Card is ideal for those of you with credit scores in the 540-600 range. You will get a chance to rebuild your credit as it reports to all three major credit bureaus. They do charge an annual fee as well as a monthly fee, but does not require a security deposit. To increase your chances of approval, you should have paid all your bills on time for the last 6 months to a year and not have any delinquencies during this period. At this moment, Revvi has one of the highest approval rates for applicants from our site.
Annual Fee - $75 for the first year, then $48 thereafter.
Monthly Maintenance Fee - $0 for the first year, then $6.25 a month (which is $75 annually)
One-time Application Fee - $89
Regular APR - 34.99%
Read our review of the Revvi Visa Credit Card
The First Digital Mastercard is ideal for those of you with credit scores in the 570-590 range. You will get a chance to rebuild your credit as it reports to all three major credit bureaus. They do charge an annual fee as well as a monthly fee, but does not require a security deposit.
Annual Fee - $75 for the first year, then $48 thereafter.
Monthly Maintenance Fee - $0 for the first year, then $6.25 a month (which is $75 annually)
One-time Application Fee - $95
Regular APR - 35.99%
Read our review of the First Digital Mastercard
Buy on Trust is a lease to own electronics store where you can pick up your gadget purchase from your nearest Best Buy Store. You are given a credit limit of up to $5,000. Buy on Trust does not perform any hard inquiry or credit checks. Instead, they look at your income and if you have a checking account. You would need to have an income of at least $1,000 for 3 months from the same source. You would also need a checking account with no overdrafts or NSF. If you meet these requirements you should get approved. Your payments are reported to the three major credit bureaus.
Annual Fee - $0.
Monthly Maintenance Fee - $0
One-time Application Fee - $0
Regular APR - least to own.
Credit Limits: Up to $5,000
Read our review of the Buy on Trust Lending
Net First Platinum is an online merchandise card that can be used at their online store www.thehorizonoutlet.com. You will definitely get a second chance at re-establishing your credit with this card because they do not check your credit score or report when you apply. Instead all you need is a debit or prepaid credit card. They starting limit is $750, which is very generous and they do have a track record of credit limit increases.
Annual Fee - $0
Monthly Membership Fee - $14.77
Regular APR - 0%
Second Chance Credit Cards Which Requires Deposit
Here is a list of secured credit cards that does not check your credit and will give you a second chance at rebuilding your credit.
Opensky Secured Visa is a great card for those who need a second chance to rebuild their credit because they do not check your credit when you apply. Furthermore, you do not need a checking account. You can fund your security deposit with a debit or prepaid card and even with Western Union or Moneygram. As long you fund your deposit, you will be approved and hence given a chance to rebuild.
Annual Fee - $35
Regular APR - 21.14%
Read our review of the Opensky Secured Visa First Progress Secured Credit Cards
First Progress will definitely given you a second chance to rebuild because they do not check your credit when you apply. Instead, the only requirement is that your income must exceed your expenses by the amount of security deposit you intend to fund. This is an very good choice for rebuilders.
Annual Fee - $29, $39 or $49
Regular APR - 24.74%, 18.74% or 14.74%
Read our review of the First Progress Credit Card.
Not only will the Applied Bank Secured Credit Cards give you another chance to rebuild your credit, it also has a very low regular APR at 9.99%. Applied Bank does not check your credit when you apply and they also do not require that you have a checking account (you can fund your security deposit with either a debit or prepaid credit card).
Annual Fee - $48
Regular APR - 9.99%
Read our review of the Applied Bank Secured Credit Card.
For those of you who are cash strapped and need to build up a savings fund, the Self Credit Builder and Secured Visa will give you a chance to rebuild your credit as you save in a "credit builder account". Once you have deposited enough in this account, you can get a secured credit card. There is no credit checks so your chances of approval are 100%.
Annual Fee - $25
Regular APR - 23.99%
Read our review of the Self Credit Account and Secured Visa