Credit Rebuilding Credit Cards to Help Growing Your Credit
Rebuilding credit after a bankruptcy or another negative event is a tough business. A situation where you need to have credit first in order to build credit is a typical Catch 22 situation. However, you still have options. Secured cards and high-risk products are some of them.
Here're our editor’s picks for cards that will help you establish or rebuild credit:
See if you Pre-Qualify without harming your credit score. Find the card that's right for you in less than 60 seconds.
CreditOneBank.com and the Credit One Bank mobile app makes it easy to access and manage all your account information and make payments whether you’re at home or on-the-go.
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Prequalify for a card today and it will not impact your credit score
Less than perfect credit is okay
Mobile account access at any time
Protection from fraud if your card is stolen
Account history is reported to the three major credit bureaus in the U.S.$35-$99* annual fee *Dependent on credit worthiness
Generally, whatever option you choose, these are the main principles:
- Get a card that reports to major credit bureaus, not unknown ones. Some cards report like secured cards, some like regular – it does not matter that much.
- Get a card with a grace period. It will give you additional 20-25 days to pay off your balance every month.
- Get the highest credit limit you can get. A high limit will help you build a credit score faster.
- Do not overuse your credit limit. You should not exceed 30% of your credit limit every month; it is even better to aim for 10% territory. If needed, pay your balance two times a month.
- Pay on time. Always. That is a simple but effective way to improve your score.
- Do not send out many credit card or loan applications. Lenders make so-called “hard inquiries” on your credit report and this can lower your score in a year’s timeframe.
In most situations of bad credit, the only choice is the secured card. A secured card offers you a credit limit that is secured with a deposit that you put in a bank as collateral.
Some of the good secured cards are:
If your credit score is not damaged but rather nonexistent, it is much easier because you have more options – typical newcomer products like Capital One Platinum, Credit One Platinum or some of the Discover cards can help you to jump-start your credit score building.
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