The Best Credit Cards to Rebuild Your Credit Score

OPM

For this month’s “Healthy Credit Tips” we wanted to share with you some credit cards that have helped several of our customers rebuild their credit and get back on track.

Secured Credit Cards are essential to those that need to get back on track and don’t have many (if any) existing open credit cards to work with.

HOW DOES IT WORK?

You provide the credit card company a “security deposit” and however much that security deposit is, that will be your credit limit on that card. Most companies require anywhere between $99 – $500.

On the note, we are monitoring the accounts, and as our customers use it responsibly by doing things like making on-time payments, you may be able to earn back your deposit as a statement credit.

Here are some examples of secured cards that our customers were glad they move forward with:

1. Capital One Secured Platinum Card

Required security deposit: $49, $99, or $200 refundable security deposit
Make the minimum required security deposit and you’ll get an initial credit line of $200. Plus, deposit more money before your account opens to get a higher credit line
Be automatically considered for a higher credit line in as little as 6 months

Capital One Secured Platinum Card also offers $0 Annual Fee and 26.99% variable APR. To get started, you only have to proceed with three simple steps, click here to apply.

2. Discover It Secured Credit Card

Minimum security deposit starting at $200
Initial credit line: However much you put down as security deposit
Automatic credit line reviews: After 8 months of having the account opened, Discover will automatically review your accound on a monthly basis to determine if you are eligible to convert to a standard, ‘unsecured’ card and get your deposit back
Additional perks: 2% cash backs at gas stations and restaurants, unlimited 1% cash back on all your other purchases.

Discover It Secured Credit Card has no annual fee. You could find the steps to apply for this offer: here.

Take control and build your credit with responsible use.

Those two credit cards offer many perks that can help you rebuild your credit scores. But, keep in mind that you also need to be responsible for all your action or purchases. You must pay your monthly payment on time, manage your utilization ratio, and most importantly if you’re having a problem managing your finances by yourself; get help from a professional!