Need a Credit Card for Bad Credit Score?
Did you know that it’s possible to get a credit card for bad credit score? Yes, really!
We researched lots of company credit cards for you. So, here are our choices.
Per the SBA, business credit card limits are a good 10 – 100 times that of personal credit cards. This shows you can get a lot more money with company credit cards.
And you will not need collateral, cash flow, or financials to get small business credit.
Credit Card for Bad Credit Score: Business Credit Card Benefits
Benefits can vary. So, make sure to pick the benefit you would prefer from this selection of alternatives.
And always check rates on the appropriate website.
Credit Card for Bad Credit Score, Not Calling for a Personal Guarantee
Brex Card for Startups
Look into the Brex Card for Startups. It has no yearly fee.
You will not need to provide your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.
Nevertheless, they do not accept every industry.
Likewise, there are some industries they will not work with, as well as others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.
To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors.
You can get 7x points on rideshare. Get 4x on travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.
You can have bad credit (even a 300 FICO) to qualify.
Find it here: https://brex.com/lp/startups-higher-limits/
Credit Card for Bad Credit Score: for Fair Credit
Capital One® Spark® Classic for Business
Have a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 26.99%. You can earn unlimited 1% cash back on every purchase for your company, without any minimum to redeem.
While this card is within reach if you have average credit scores, beware of the APR. However if you can pay on schedule, and completely, then it’s a bargain.
Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Credit Card for Bad Credit Score for Travel Points
Flat-rate Travel Rewards
Capital One® Spark® Miles for Business
Check out the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which after that rises to $95. The regular APR is 20.99%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.
This card is great for travel if your expenses do not fall into standard bonus categories. You can get unlimited double miles on all purchases, with no limits. Earn quintuple miles on rental cars and hotels if you book via Capital One Travel.
Get an introductory bonus of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the initial 3 months from account opening. There is no foreign transaction fee. You will need a good to excellent FICO score to qualify.
Earn 50,000 bonus miles if you spend at least $4,500 within 3 months of your rewards membership enrollment date
Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/
Hotel Credit Card
Marriott Bonvoy Business™ American Express® Card
Take a look at the Marriott Bonvoy Business™ Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 15.74 – 24.74%. You will need good to superb credit to get this card.
You can earn 100,000 Marriott Bonvoy points after using your card to make purchases of $5,000 in the initial 3 months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at United States restaurants and filling stations. And you can get 4x the points on wireless telephone services purchased directly from American service providers and on American purchases for shipping.
Get double points on all other eligible purchases.
Also, you get a free night every year after your card anniversary. And you can earn one more free night after you spend $60,000 on your card in a calendar year.
You get free Marriott Bonvoy Silver Elite status with your Card. Also, spend $35,000 on qualified purchases in a calendar year and get an upgrade to Marriott Bonvoy Gold Elite status through the end of the following calendar year.
Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/
Not Qualifying for a Credit Card for Bad Credit Score? Then Try Working with a Credit Partner
Our Credit Line Hybrid could be within reach. But the trick is to work with a credit partner.
If your credit partner has good personal credit, then a hybrid credit line could be the perfect solution.
How Much You Can Get
You can get up to $150,000, even if your business is a startup.
Qualifying for Our Credit Line Hybrid
To qualify, your credit partner’s personal credit score should be at least 700. And they can’t have any liens, judgments, bankruptcies, or late payments. Plus, in the past 6 months they should have fewer than 5 credit inquiries. And they should have less than a 45% balance on all business and personal credit cards.
It’s better if you or they have established business credit as well as personal credit.
You Won’t Need a Credit Card for Bad Credit Score if You Improve Your Personal Credit – Here’s How
Your personal credit score comes from a few basic measurements.
One is the mix of credit you’ve got. Hence, if you only have a credit card, getting an auto loan can enhance your credit mix.
Another is the number of recent inquiries. This is about the best argument against credit shopping. And inquiries stay on your personal credit report for years! So try to curb any tendencies you might have to shop around for credit.
More Ways to Improve Your Personal Credit Score
The average age of your accounts also comes into play. Therefore, if you aren’t using a card anymore – do not cancel it! But recognize that, eventually, the credit issuer will close it. As a result of this situation, if you won’t be tempted to overspend – try to use a less often used card maybe once every couple of years.
Yet another factor is your utilization percentage. That’s a simple math formula – it’s just used credit divided by total available credit. And this is for both individual cards and all of your credit. Try to keep this percentage under 30% if you can.
The Biggest Way to Improve Your Personal Credit Score
We saved the best for last. Your best way to improve your personal credit score is to just pay your bills on time, and in full. Just paying the minimum amount every month will never get you out from under debt. It’s essentially designed to keep you in debt, indefinitely.
Responsible financial stewardship will never steer you wrong – and then you’ll have a lot more credit card choices.
The Very Best Credit Card for Bad Credit Score for You
Your ideal company credit cards depend upon your credit history and scores.
Just you can choose which features you want and need. So, to do your research. What is outstanding for you could be disastrous for another person.
And, as always, make sure to develop credit in the recommended order for the best, speediest benefits.