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The Best Cards for Improving Credit

[Friday, April 24th, 2015]

If your credit has suffered due to a job loss, a divorce, illness, or any other circumstance, you might be wondering whether you’ll ever be approved for a credit card again. However, there are actually many credit cards geared especially to the person who is trying to improve his or her credit. This is good news for anyone whose credit is less than perfect, because there are credit cards that will not only provide them with more payment options, but will help mend their credit at the same time.

When looking for a credit card to bring your credit score out of the basement and into good or even excellent territory, there are a few things to consider. Different types of cards are better for different people. Which card is right for you will depend on your circumstances. Think about the following questions when deciding on a card for improving credit:

What will you use your card for? Are you looking for a credit card that you will use to pay for everyday expenses, or are you planning to use the card mainly as a tool for mending your credit score? If you’d like to use your card on a regular basis, consider a credit card that offers some type of rewards program. Often, credit cards that are offered to people with poor credit don’t offer the same types of rewards that other cards do—but that doesn’t mean you should give up on finding a rewards credit card. Look for one that gives 1% cash back on purchases, or one reward point for every dollar spent.

Can you afford to put down some money up front? If your credit is very poor, a secured card may be the best option for you. With this type of card, you put down a lump sum when you apply, to act as collateral in case you default on your debt. The amount you put down, which could be anywhere from $200 to $1,000, will then be your line of credit. After a set period of time, you’ll get your initial deposit back.

Are you eligible to apply for a student credit card? Many student credit cards are also available to folks who lack solid credit history. Even if you aren’t a college student, you may be able to apply for a student credit card. This can be a good option for someone trying to establish or repair credit. Remember that if you have no credit history, lenders may view you the same way they would see someone with damaged credit. You will need to take some time to establish your credit before you have a great credit score.

Remember, just because you have poor credit or no credit, doesn’t mean there aren’t credit cards available to you. The best way to repair your credit is to get, and use, a credit card that’s right for you. Whether it’s a rewards card, a secured credit card, or a student card, you can find one that can help you reach your financial goals.

See also

Q: Here’s Why Secured Credit Cards Are So Popular Right Now

Over the past several years, secured credit cards have enjoyed a boom in popularity. And yet, some people still don’t know what they are, or how they’re different from other types of credit cards. So what’s the reason behind the newfound status of secured credit cards? First, let’s go over what a secured card actually […]

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Q: 3 Steps To Getting Your Credit Back On Track

Having bad credit can feel like you’re in a sinking ship without a life jacket. It’s a scary feeling, and it can be very isolating. The shame associated with having poor credit doesn’t help; you may feel guilty, and that you’ve done something wrong. But this may not be the case at all. Many people’s credit suffers through no fault of their own.

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Q: Why Secured Cards Are The Hottest Trend In Credit

Once upon a time, not many people had heard of secured credit cards. And even those who had heard of them weren’t so clear on what exactly they were.

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Q: Two Cards for People Who Can’t Get Credit Cards

If your credit is poor and you find yourself getting turned down for credit cards again and again, you may worry that there is no way you will ever be able to get a credit card. Maybe a divorce, an illness, or unemployment left you with a bad credit rating. Or maybe you are young and don’t have any credit history.

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Q: What Makes a Secured Credit Card Secure

Many people may not be familiar with the term secure credit card. If it’s your first time stumbling on secured credit cards, you may wonder what they are.

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