If you have a bad credit score, you might be thinking about applying for a credit card. The good news is that the UK market is rife with reputable lenders, many of which specialise in the bad credit space. Some offer high interest rate specialist credit cards for those looking to rebuild their credit score. There are also a range of reputable free credit building tools and resources.
Can I get a credit card with a 540 credit score?
Having a poor credit credit cards uk history can be a real drag. It is not unusual to find yourself stuck in a rut and struggling to make ends meet. In response, the Financial Conduct Authority has launched a variety of measures designed to help those with poor credit. One of the simplest methods is a credit freeze. This gives you some breathing space to get back on your feet. However, if you decide to go for it, be warned that your credit score could take a serious hit.
A more savvy approach would be to sign up for one of the many free online credit building tools and resources. Many of these have a free pre-qualification tool which will tell you whether or not you are eligible for a loan. While you are there, you can also do some research into what type of loan you need and how much you can borrow. As long as you stick to a sensible budget, you should be able to enjoy the benefits of having a poor credit score without resorting to bankruptcy or payday loans.