Credit Cards To Rebuild Credit Score

A credit card can help you rebuild your credit score. This card will help your ratio of available credit to debt and you can build a positive payment history.

However you will only qualify for a sub prime credit card if you have a damaged credit score. This means your card will have an interest rate around 19%.

You should still make efforts to remove derogatory items off your credit report. However it is rumored that once a derogatory item ages four years it will not impact your score as dramatically.

If your credit score is low you will still be able to qualify for a sub prime credit card. This means you will pay approximately 19% APR and an annual fee.

We suggest the Total Visa Card for a bad credit unsecured credit card.

You credit limit will be approximately $250. The other option is to get a secured credit card.

A secured card you will have to put a deposit down and the amount of your deposit is the credit line on your card. This card will report to the credit bureaus but as a secured account.

Both these types of cards offer instant approval. Before you apply for any card double check and make sure that they report to all three credit bureaus.

We suggest the Orchard Bank MasterCard as a secured credit card. It does report to all three credit bureaus.

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Another tip to help you get the most benefit to your credit is to keep your balance at roughly 10% of your credit limit. For example a credit limit of $300 you will want to keep the monthly balance at $30.

This shows the credit bureaus that you do have available credit; this is called your available credit to debt ratio. In addition it shows the bureaus that you do use your credit.

The last option for a card is a shopping card or a credit card that is only accepted at a specific location. We do not suggest these cards; they often come with large upfront payments and only report to one credit bureau.

You also can apply for a prepaid credit card however these cards typically do not report to a credit agency. However they do work like a bank account and if you are in chexsystems this is a good choice.

In sum we suggest a sub prime secured credit card to help rebuild your credit score. It will create a positive payment history and build positive credit.

Specifically the Orchard Bank MasterCard - Click Here to Apply

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