Those who have experienced financial difficulties in the past often end up with credit rating problems. People with bad or impaired financial histories or even those with no credit history at all may find it much harder to get back on the financial straight and narrow again.
A bad or non-existent track record here may mean that lenders and card companies won’t approve applications. A credit builder product may be an alternative way of getting a card and working to improve ratings at the same time.
What is a Credit Builder Credit Card?
These types of cards are also described as bad credit products. They are often taken up by those with prior difficulties because the application criteria are more relaxed than those used by standard lenders. The companies that issue these products are not as concerned about clean scores and ratings and will give out cards to those that may have problems getting approval elsewhere.
