When you have bad credit, life isn’t as rosy as when you have a perfect one. Getting approved for a personal loan or a mobile phone contract, for instance, is harder and obtaining a credit card is even more difficult. But do you also know that you can actually repair your bad credit score with the right credit card?
While you will not easily obtain the credit card that you want, you can rely on some great options at the moment to rebuild your less than perfect credit score. When you have bad credit, there are two types of the best credit cards you can choose from. They are the secured and unsecured low credit cards.
Unsecured credit cards
Many experts suggest getting an unsecured credit card for a start. Unsecured credit cards do not require you to pay a deposit to use them hence more accessible. Some cards also offer rewards and perks such as cash back gas rewards and a chance to increase your credit line for on time repayments. But more importantly, these cards let you monitor your credit card information through their credit score tracking completed on a monthly basis. The service is for free too making it easier for you to keep an eye on things.
Secured credit cards
If you can’t get an unsecured credit card, then that’s the time to consider checking secured credit card options. Unlike unsecured cards, secured options require you to put down a deposit which is not always convenient for everyone. For this reason, you should only go for this option when truly necessary.
Once approved for a secured credit card, make sure that you only use it for a limited time or until you see an improvement on your credit score. Always double check your updated score at the end of each monthly cycle to know where you’re at credit-wise.
Applying for a Credit Card
In the same way that bad credit did not happen overnight, repairing it won’t be simple and quick either. It will take time so better prepare yourself for the long haul. Patience is very important as well as consistency with your timely repayments.
If you’re ready to take on this feat of repairing your credit score, it’s time to apply for the best credit card. When applying, make sure you know your credit score beforehand. Then check if you qualify for an unsecured card option. If not, proceed by checking a secured card then commit to repay your dues on time every month.