If your credit score is 630 or less, you may want to consider a secured credit card as a possible solution. These cards require a deposit of up to $500 and may have terms that are difficult to understand. Before you decide to make a purchase, consult a credit recovery company.
Secured credit cards
You may be eligible for a secured credit credit card if your credit score is at least 630. These cards let you make small purchases while still paying the full balance each month. This creates a solid payment history which will help you improve your credit score. Experian Boost is a free program that you can sign up to. These programs include regular payments on your credit report so that creditors can see if you are reliable.
Another option is to apply online for a secured creditcard. These cards require a refundable deposit. These types of credit cards can boost your credit score. There are also options that offer no annual fee such as the Capital One Quicksilver Cash Rewards Credit Card.
Capital One Platinum credit card
The Capital One Platinum Credit Card can be used by individuals trying to rebuild credit. It is part the Mastercard network so it has many benefits such as fraud protection, 24-hour emergency travel assistance, car rental insurance, and insurance for travel accidents. It comes with extended warranty coverage and price protection. The card's only drawback is the lack of rewards and the high cost of maintaining a balance.
Those with a credit score of 630 or lower can get this card. While the annual fee is $39 for this card, your credit limit will be increased by six months of responsible use. You will also receive a CreditWise application that allows you to monitor your credit report and provides free credit monitoring. With a minimum credit score of 630, there are many credit cards that you can choose from.
Indigo(r) Mastercard(r)
Indigo Mastercard is a credit card that is aimed at people with low credit scores. The card is faster than other cards, which require lengthy approval processes. This card does not require a security investment. A welcome bonus is available on the credit card, which is great for people with poor credit scores.
Indigo Mastercard has a decent credit limit of $300 and reports activity to the three major credit bureaus, so it can help you build your credit history. No annual fees are available for purchases. This card comes with many useful features. However, it's important to choose one with low credit utilization.
The Indigo Mastercard is one of the most popular credit cards for people with a low credit score. Bad credit can make it a bit more expensive. The card's APR is high and there is a penalty rate. A potential high annual fee, as well as a long list of additional fees, can be added to this card. There are no welcome bonuses and ongoing rewards for this credit card.