Credit Card Options For Rebuilding Poor Credit
It can be hard to find a credit card to help rebuild your poor credit. Many find it hard to qualify for any type of credit card if their credit is even slightly less then perfect. The following are some great alternative credit card options that can you get your credit back on track. They may even put you in the position to eventually obtain a regular credit card if you so choose.
Secured Credit Card
A secured credit card is an excellent choice for someone that might not be able to get a traditional card. With a secured card, you deposit a specific dollar amount in to your account. This amount becomes your credit limit. You will make monthly payments on any charges made just like a traditional credit card. If you default on you monthly payment, the company already has the money you deposited to cover the balance. Over time and with a good track record of on time payments, you may be able to convert the account to a traditional credit card. The card company will be reporting your payments, so these cards are a great way to help rebuild poor credit.
Store Credit Card
A store or gas station credit card are other options to help and straighten out your current credit problems. If you decide to take this route, just make sure that you get a card that reports to a major credit reporting agency. This way the money that you spend can boost your credit back into good standing. These cards tend to have higher approval rates compared to regular credit cards since the requirements are not as strict.
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Prepaid Credit Card
A prepaid credit card is yet another alternative to traditional credit cards. You pay a small activation fee and a deposit and you have a line of credit equal to that deposit. These cards are similar to a secured card with the major difference being you can continue to make additional deposits to increase your line of credit. The activation fee and the small fee that you are required to pay each time you deposit money onto your card are worth in to many consumers. You will be able to use this credit line just like a traditional credit card. With on time payments, you will see your score increase.
Once you have gotten yourself a credit card to help rebuild your credit, you need to practice responsible spending. Staying within your budget while using your credit cards will go far in returning your credit to where it should be.
