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All information about The Mission Lane Cash Back Visa\u00ae Credit Card has been collected independently by Nomadic Matt. The Mission Lane Cash Back Visa\u00ae Credit Card is no longer available through ThePointsGuy.com.<\/em><\/p>\n<\/div>\n I write a lot about using credit cards to get points and miles for free travel.<\/a> It\u2019s a topic I\u2019m passionate about because it has not only saved me thousands of dollars over the years, but it\u2019s helped thousands of my readers too.<\/p>\n And, while earning points and miles has never been easier (at least in the US), there\u2019s a common question I get that I wanted to address today.<\/p>\n \u201cMatt, what if I have bad credit? I can\u2019t get those fancy cards. What can I do?\u201d <\/p>\n While it\u2019s true that if you have bad credit you probably won\u2019t get approved for the best travel credit cards<\/a> right off the bat, that doesn\u2019t mean you can\u2019t get approved for any<\/em> card. Just because you don\u2019t have the best credit today<\/em> doesn\u2019t mean you shouldn\u2019t start working towards better credit tomorrow<\/em>. <\/p>\n Having bad credit can be difficult in the credit-centered US, but it\u2019s something you can improve \u2014 more quickly than you might think. Banks know that not everyone has excellent credit, and many offer credit cards for people either rebuilding their credit or starting to build credit from scratch. You can also check with your local bank and credit unions to see if they offer any options (many do).<\/p>\n To help you get started, here\u2019s my list of the best credit cards for people with bad credit (as well as everything you need to know about credit scores). The first credit score wasn\u2019t invented until the late 1950s, and the FICO score (which 90% of lenders use) wasn\u2019t introduced until 1989. But, since then, they\u2019ve become an incredibly important part of financial life in the United States. <\/p>\n A credit score is a number between 300-850 that attempts to predict how likely you are to pay a loan off, and if you\u2019ll do so on time. Lenders (like banks and credit card companies) use your credit score to determine whether to give you a new account of credit, which could be a credit card, mortgage, or car loan. Your credit score also influences key factors when opening new accounts, like the interest rate and credit limit (with higher credit scores come lower interest rates and higher credit limits). <\/p>\n Credit rating companies, of which FICO\u00ae is the most widely used, get credit reports from the three credit rating bureaus, Experian\u2122, Equifax\u00ae, and TransUnion\u00ae. FICO\u00ae uses five factors to come up with your score (in order of descending importance): payment history, credit utilization, credit age, credit mix, and credit inquiries. <\/p>\n Since the number and frequency of credit inquiries makes up part of your score, you may see a slight dip when you apply for a new card, but it bounces back pretty quickly (especially because when you open a new line of credit, your credit utilization goes down, since you are using up less of your available credit). <\/p>\n If you\u2019re not sure what your credit score is, start by finding out by requesting your free score and credit report at AnnualCreditReport.com. Federal law requires each of the credit bureaus to give you a free report once every 12 months. Make sure to look at not just your score but your report too as then you\u2019ll be able to see the areas in which you need to improve.<\/p>\n To give you an idea of where your score falls, here are the general ranges for FICO\u00ae credit scores: <\/p>\n \u201cBad credit\u201d is considered to be in the poor or fair range. When it comes to applying for credit cards, there are two types of credit cards you can get: secured and unsecured cards. If you have bad credit, your best option may be getting a secured credit card. These are cards offered to those who have bad credit, as they are less risky for both you and the bank. <\/p>\n You’ll be required to put down a security deposit in advance (usually a few hundred dollars), which then becomes your credit limit. You can spend up to that amount, which proves to the credit card companies that you\u2019re a responsible credit user. (But, crucially, this security deposit does not go towards paying your balance. You still have to pay that off in full each month. The security deposit is just a back up for the credit card companies in case you don\u2019t.) <\/p>\n Secured cards usually have fairly low credit limits, high interest rates, and rarely come with rewards, but they\u2019re a good steppingstone as you work to build credit. <\/p>\n As you improve your score, you\u2019ll be able to apply for unsecured cards (though there are some unsecured cards that will approve those with bad credit; you\u2019ll see a couple on this list). These are your standard credit cards, or what probably already comes to mind when you think of one. As your score goes up, more and more cards will become available to you, though you\u2019ll need a good or excellent score to get approved for the best travel credit cards<\/a>. <\/p>\n The good news is that many credit card companies now offer a prequalification tool where you can put in your information and see if you\u2019re likely to be approved before you submit your application. You can get prequalified without a \u201chard pull,\u201d meaning that your credit score won\u2019t be impacted since actually applying for a card does create a dip in your credit score.<\/p>\n With all that in mind, here is what I think is the best card for bad credit:<\/p>\n Capital One is known for having some of the best travel credit cards out there, and they\u2019re leading the way in secured credit cards too. This card offers 1.5% cash back on every purchase, which isn\u2019t common in a secured credit card. It also has no foreign transaction fees, so you can start using this for any overseas adventures you already have planned. As you build credit, you can eventually easily transition to an unsecured version of the card. <\/p>\n With this card, you\u2019ll get: <\/p>\n While this is the best secured card for travelers, Capital One offers several other secured cards. Another popular option is their Capital One Platinum Secured Credit Card<\/a>, which offers a lot of the same features, but without the cashback rewards (so try to get the Quicksilver first). <\/p>\n <\/center><\/p>\n <\/p>\n Download my free guide to points and miles and learn how to use points and miles for free travel! It's how all the pros travel so much! In this guide, I'll show you:<\/p>\r\n
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\n <\/p>\nWhat Is a Credit Score?<\/h3>\n
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\n <\/p>\nSecured vs Unsecured Cards <\/h3>\n
Capital One Quicksilver Secured Cash Rewards Credit Card<\/h3>\n
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\nUsing travel credit cards has saved me a fortune over the years. It can do the same for you. And while having a bad credit score can seem like a death sentence as a traveler, it doesn\u2019t have to be. By getting one of the credit cards above, you can start improving on your score today, getting you that much closer to unlocking cards that will earn you points and miles tomorrow!<\/p>\n\r\nStop paying full price for travel!<\/h5>\r\n
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