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rebuild your credit
26 Jul 2019

The Top 7 Best Credit Cards To Help Rebuild Your Credit

According to the credit reference Bureau Experian; up to 30% of Americans have poor credit score. Poor credit scores can impact on many aspects of your life, including the ability to get a loan from financial institutions.

It’s possible to rebuild your credit, but the process is not easy. It’ll require that you make certain adjustments to your life. The most significant will be adjusting your spending and having the best practices when it comes to credit card usage.

Continue reading our article below because we’ll share with you the best credit cards available to help rebuild credit.

How to Rebuild Your Credit

There’re many ways to fall into debt, including not making payments on your credit card, having to borrow for an emergency among others. You are not alone, so many people rely on borrowing to sustain their daily needs. It’s, however, possible to rebuild credit using credit cards. We’ll explore seven cards that can help you out of your financial bind.

1. Credit One Bank – Platinum Visa card

The Credit One Bank card has very positive reviews and is growing very fast in America. The platinum Visa card allows you to track your credit score for free on Experian; a great feature for anyone who is rebuilding credit. The issuer sends reports to major credit bureaus every month.

The issuer reviews the account for an opportunity to increase your credit line. You have the option of choosing the dates you want to make your payments. They will also send you alerts via text and email.

The other incentives are 1% cash back on some purchases and a $0 fraud liability.

2. Total Visa card

You’ll need a checking account, but the application process is fast and straight forward. You’ll get a response within seconds, and if you get an approval, you can open an account and access your credit, after paying the program fee.

The monthly payments are manageable, and the issuer reports to three credit Bureaus. Visa cards are very popular because they are accepted almost everywhere in the world. Do take note of the terms and conditions that apply to each scenario.

3. Surge MasterCard

Any credit card is welcome to apply for the surge MasterCard. The issuer reports to 3 credit bureaus, and like visa, you can use the card almost anywhere. The application process is easy, and you have 24/7 online account access.

You’ll need to open a checking account. In less than 10 minutes you should be good to go. Do take note of the terms and conditions.

4. Fingerhut Credit account

The Fingerhut credit account insurer promises that your application will happen in seconds. Three major credit bureaus will receive your reports, thus helping you rebuild your credit. You can shop using the card, but do note; it’s not an access card.

5. Green Dot Primor Visa Call Secured Credit Card

The Green Dot Primor Visa card will allow for credit lines of between $200 to $5000. The interest rate is at a fixed 9%, and there’s no penalty rate. You do not need to have a minimum credit score, and you pay no processing or application fee.

The application process is fast and easy, and you get the option to select your credit line.

6. First Progress Platinum Elite MasterCard

The first progress Platinum is a secured credit card and offers the expedited processing option. You do not need a credit history or a minimum credit score, the online application process is quick and easy, and you can use the card almost anywhere.

The issuer will send reports to three major credit Bureaus. When you’re signing up, you will need to deposit a refundable amount of $200 – $2,000. Once you complete paying the balance, you’ll get your deposit back.

7. Discover it® Secured

The discover MasterCard will give you the option of a variable minimum down payment, that takes into consideration your credit risk as an individual. If you are not very high risk, your deposit may be as little as $49 for a $200 credit line.

They issue reports to 3 credit Bureaus, and there’s no annual fee you need to pay. They go a step farther to give credit line increase without additional deposit for anyone who makes five payments on time. You can also get an automatic upgrade or an unsecured card if you’re up to date with your payments.

Ways to Rebuild your Credit Using a Credit Card

There’re certain things you need to consider and these include:-

1. You have the option of a secured and unsecured credit card. With the former, you’ll have to put down a deposit which in most cases is refundable once you clear the balance
2. Look for an insurer who reports to the credit reference Bureaus. The most common are Equifax, Experian, and Transition. The examples we have given above all adhere to this.
3. Be responsible with your credit card usage. Make your payments on time, do not exceed 30% utilization, and if you can afford it, pay a little extra each month.
4. If you want a quick fix, hire a credit repair company.

Get Responsible with your Money

You may find yourself in a financial bind, which may lead to bad credit. Having a bad credit score can have a lifelong impact. It will affect your ability to access financing. You may not even land a dream job when your employer knows your credit history.

However, it’s possible to rebuild your credit using your credit card. By signing on to the right insurer, you can monitor your credit score because they will send the report to the credit reference Bureaus. You’ll have to be patient because the process takes some time. Once, you bring your credit score back up; you should continue with the discipline you had when repairing it.

We can offer you a lot of information about how to use your credit cards to rebuild credit. A bad credit score does not have to spell internal financial doom. By taking the right steps, you can build your credit again.

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3 Ways Small Business Loans Can Save you From Bankruptcy