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Did your interest in getting a credit card peak after finding out about rewards and bonus points but the shape of your credit report told a different story? It’s a common disappointment for customers to realize that their credit score is too low to apply for their “dream” card.
You might have started wondering that there is no way to break this cycle. A poor credit score means a mediocre credit card which in turn implies bye-bye to rewards and other perks that are only available on high-end cards.
Not true!
We are here to talk about some amazing options if you wish to improve your credit score with credit cards that are not mediocre at all.
You heard it right. You can fix your credit score by using the right cards but before we jump on the bandwagon and discuss these credit card options, let us quickly review what credit score is and what are the factors that you need to keep in mind on your credit-rebuilding journey.
The Secret Behind What Is Credit Score
A credit score is simply a figurative representation of how well you have maintained your spending in the past.
Let us make it simple for you: Credit bureaus keep a record of your financial history, expenditure, loans, debts, pending payments, payments made on time, credit history, and the types of credit you use to assess a grade for you in terms of score.
FICO credit score can range between 300 to 850, lowest to highest, respectively. It is calculated by alloting different weight-age to a number of factors such as payment history (35%), amount you owe (30%), length of credit history (15%), type of credit (10%), new credit (10%).
This breakdown itself is the secret behind achieving a good score. For example, if you simply make all payments on time and avoid incurring debts, your score would improve in a short period.
Note! Keeping a check on credit score is important especially if you are trying to improve it. However, it is not possible to check credit reports for free multiple times from the credit bureaus. There is another way though! Continue reading to find out about how to check your credit score for FREE.
The Best Tip On How To Check Credit Score For Free
Now you can check for your credit score for free by accessing it via Credit Karma.
This is a completely reliable website that not only provides customers with free-of-charge services but also does not require a credit card for sign-up.
Credit Karma works in partnership with TransUnion and Equifax to assemble FREE credit reports for users who need an authentic idea of how much they have improved over time. In fact, the reports are updated every week so you can check them whenever you need with no impact on your credit score!
Attention! Credit Karma is known to provide accurate credit scores for each user. If you notice that there is a difference between your FICO score and the one given by Credit Karma, kindly recheck that you are comparing score from the same date. Different platforms tend to update their records at different times.
Do you want to access your score right now? Click Here!
4 Brilliant Credit Cards That Will Improve Credit Score Quickly
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Credit Card of Your Choice at Getmyoffer.capitalone
Getmyoffer.capitalone.com is a platform maintained by Capital One Bank that allows customers to easily and quickly apply for the selected credit card from their wide range.
The fun part is that most of the credit cards here are ideal for credit-rebuilding. They responsibly report customer’s financial habits to credit bureaus and therefore play a vital role in fixing a broken credit score.
Two of the safest choices to consider at Capital One are the Journey Student Rewards credit card and Secured MasterCard. Both of these are directed towards credit rebuilding and therefore they offer acceptance with poor credit score and easy approval.
Journey Students card is typically for the newbies who are just starting to maintain a credit history. That is why it does not require you to have any previous credit-related data or account. Nonetheless, the card offers 1% cashback on all eligible purchases and a 25% bonus every month if you make payments before the due date.
On the other hand, Secured MasterCard from Capital One works with an initial deposit of $200. This is converted into your initial credit limit and is refundable, in part, if you choose to close the account. The card does not have an annual fee. On top of that, your credit line will be automatically increased just after 6 months of responsible use.
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Indigo Platinum MasterCard at IndigoApply
Indigo Platinum MasterCard has been specifically designed for people with a poor credit score. A number of customers below 500 credit score have been approved for this card.
Fortunately, there is no security deposit required for the credit card. You can simply log in at www.Indigoapply.com and complete the application process quickly.
However, many users have reviewed it as a costly choice. Since there is no initial deposit, the bank compensates for trusting you with a poor credit score by charging hefty APR and an annual fee depending on your creditworthiness.
Nonetheless, other benefits like theft protection, online services, cash advances, and the fact that it reports to all major credit bureaus. Proves that this card is a reliable option for improving credit score over time.
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Discover it Secured Credit Card
Discover it is another secured credit card that you can use for fixing a poor credit score. With no annual fee and an initial deposit of just $200, this credit is a safe bet for people who have just set the first step on their credit-rebuilding journey.
Like other options that we have discussed, Discover it religiously reports to the three major credit bureaus to help improve your score with responsible use.
However, this is not the major perk for which customers normally fall in love with this card.
The real catch is that Discover it account presents you with many opportunities to upgrade. After 8 months of responsibly using the card, you can request an upgrade to an unsecured account.
Furthermore, it is the only card for average scorers that lets you win cashback. You can earn 2% back on gas stations and restaurants. Additionally, 1% cashback is applicable on all other eligible purchases.
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OpenSky Secured Visa Credit Card
OpenSky Visa credit card stands out for a number of reasons. First of all, it does not charge an annual fee. Other than that, you can apply with a poor credit score and still be approved for it.
You don’t need to go through a credit check or even own a bank account in order to use an OpenSky Secured Visa credit card. You can deposit funds in this account either by using Western Union payment or a simple money order.
The credit card does charge a variable APR of 17.39%. Although this can be avoided by making payments on time, it means you will have to pay a hefty amount in case you forget to clear bills before the due date.
Furthermore, as the name suggests, this is a secured card for which you have to make a minimum initial deposit of $200. However, this is refundable and becomes your credit line when opening the account.
The basic catch is that OpenSky Visa card reports to the three major credit bureaus. It will make sure that your spending habits are documented and if you are putting in an effort to improve your credit score, it shows up on your report.
Before You Go
It is important to know the choices you have when the credit score is not in good shape but you are in need of a good card. However, the bottom line is that it all comes down to how you utilize the card.
Timely payments and maintaining a low credit utilization ratio are a must regardless of the card you are using. This not only ensures that you get to avoid extra charges but also helps boost your credit score quickly.
So, which credit card are you going to try your luck with?
