In Canada, with the state of the economy and market, more and more people are suffering due to their bad credit score. Luckily, by choosing the right credit card, you can have all the financial benefits of good credit score holders, as well as improve your overall credit score. Poor credit can make it hard to get a car loan, mortgage, or apartment lease, so taking steps to improve your credit is crucial. Read on to learn more.
Capital One Secured Mastercard
This credit card can help you rebuild your credit score as well as establish a good credit history. 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. This card doesn’t require you to deposit funds to open a line of credit, but it does need you to pay a small annual fee. You can avoid high interest rates and improve your credit score by making payments on time. You could apply for this credit card even if you filed for bankruptcy in the past. 2
Credit One Bank Unsecured Visa
You can prequalify for this credit card without further damaging your current credit score. This is the ideal card for anyone who has a history of bad credit scores. If you make your monthly payments on time, you can get a 1% cashback reward on all your purchases, regardless of your credit score. The due dates are very flexible at the cost of an annual fee.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. Take your time and explore all your options before applying for the credit card you want.
All the cards mentioned above will allow you to prequalify without taking a hit on your credit score. Just because you made bad financial decisions in the past doesn’t 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.
Capital One, Secured Mastercard from Capital One
CreditCards.com, Credit One Bank Unsecured Visa with Cash Back Rewards