Without a doubt, credit cards can make life so much easier. Acting as short term loans from the issuing institution, credit cards are convenient tools for paying everyday expenses. What some people don’t realize is how much of a positive impact a credit card can make on one’s credit score. If you have a poor credit record, you may find it difficult to apply for a car loan, mortgage, and apartment lease. Luckily, the right credit card might help you improve your credit score. If you are looking for a credit card that is designed to meet your needs, doing a small amount of research can go a long way.
Capital One Secured Mastercard
If you are looking for a credit card that can help you rebulid your credit score as well as establish good credit history, the Capital One Secured Mastercard might be the credit card for you. This credit card allows you to choose the best credit line for your needs and keep track of your credit score using CreditWise from Capital One.
With each timely payment, your overall credit score will improve. Thanks to the app, you can always track your progress and plan your budget accordingly. This credit card has no annual fees and requires only a deposit ranging from $50 to $200 to open a line of credit. As your credit score increases over time, you won’t need to make any additional deposits.1
Indigo Platinum Mastercard
If you have had financial difficulties in the past and can’t seem to find a good credit card provider for yourself, look into getting an Indigo Platinum MasterCard. Reporting to all three major credit bureaus – Equifax, TransUnion, and Experian – the Indigo Platinum Mastercard is ideal for anyone looking to build or repair their credit score.
One of the best aspects of the Indigo Platinum Mastercard is that it offers a number of great perks for people with poor credit history. Although the Indigo Platinum Mastercard may require you to pay a small annual fee, you will not need require you to deposit funds to open a line of credit. With this credit card, you can avoid high interest rates and improve your credit score by making payments on time. It also offers ways to pre-qualify so that you can know whether you will be approved for the credit card without your application affecting your score. You could apply for this credit card even if you filed for bankruptcy in the past. 2
Credit One Bank Platinum Visa For Rebuilding Credit
The Credit One Bank Platinum Visa For Rebuilding Credit is one of the best credit cards for people who have a history of bad credit. Why? Not only will you able to see if you pre-qualify for this credit card without further damaging your current credit score, you can also opt to earn cash back. For example, if you make your monthly payments on time, you can get a 1% cashback reward on all your purchases, regardless of your credit score. You may even receive great rewards for responsible credit use. Another perk is that you will also get the option to change a payment due date that works the best for you. In short, this is the ideal card for anyone who has a history of bad credit scores.3
Tips and Tricks to Rebuild Your Credit Score
Whether you are looking to establish a good credit score or improve your current credit score, there are a few things that you should keep in mind.
Sending out multiple applications for credit cards can considerably lower your credit score. Credit card companies always perform a thorough credit check for all their new applicants, and this can damage your annual credit score. Credit cards that offer the option to pre-qualify may be the most useful, as they will allow you to check if you are eligible for the credit card without the query affecting your overall score. All the cards mentioned above will allow you to pre-qualify without taking a hit on your credit score.
Take your time to explore all of the options open to you both those listed above, and others that you find online – before applying for the credit card you want. Just because you might have made bad financial decisions in the past or have not developed credit history yet, this does not mean you have to carry the burden of a lousy credit record your whole life. By acquiring a new credit card, you can quickly rebuild your credit score and get your finances back on track.