A secured credit card may be an option for you if your credit score is less than 630. These cards may require a $500 deposit and terms that can be confusing. Before making a decision, you should consult with a credit repair firm.
Secured credit cards
You may be eligible for a secured credit credit card if your credit score is at least 630. These cards allow for small purchases and monthly payments. This builds a solid payment history that will help you boost your score. Experian Boost offers a number of free programs that can help you get started. These programs include regular payments on your credit report so that creditors can see if you are reliable.
You can apply for a secured card. This requires a refundable security deposit. These credit cards are great for improving your credit rating. You can also look for one that offers no annual fee, like the Capital One Quicksilver Secured Cash Rewards Credit Card.
Capital One Platinum Credit Card
The Capital One Platinum Credit Card is a credit card that is suited to individuals who are trying to rebuild their credit. It is part a Mastercard network which offers many benefits like fraud protection, 24-hour assistance with travel, auto rental insurance and travel accident insurance. It comes with extended warranty coverage and price protection. It does not offer rewards, and it can be very costly to maintain a balance.
This card can be obtained by those with a credit score less than 630. A $39 annual fee applies, but after six months of responsible credit use, the card will increase you credit limit. It also comes with a free CreditWise app that monitors your credit report for free. People with a credit score of 630 can apply for several credit cards.
Indigo(r) Mastercard(r)
Indigo Mastercard is a credit line that targets people with poor credit ratings. You can apply for preapproval with this card without having to pass a credit check. This is in contrast to other cards that require lengthy approval procedures. Plus, it doesn't require a security deposit. For those with low credit scores, the credit card offers a welcome bonus.
Indigo Mastercard comes with a decent credit limit at $300. It reports activity to three major credit agencies so that you can build your credit record. You can also make purchases with no annual fee. While this card is convenient, it is important that you choose one that has 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. This card has a high penalty rate and can have a very high APR. A potential high annual fee, as well as a long list of additional fees, can be added to this card. The card does not offer any welcome bonuses or ongoing rewards.