by Dan Moskel,
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UNITED STATES, Nov 26 — 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.In sum we suggest a sub prime unsecured credit card to help rebuild your credit score
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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%.
It is very important to remove negative items on your credit, while improving your score. You should know that once a negative item ages four years then it has much less impact on your score.
With your card you are going to have to pay an annual fee and around 19% APR. This is called a sub prime credit card because it is designed for individuals with a damaged credit history.
Your card will have a credit limit around $300. The other alternative 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 however it will not give you the same benefit as an unsecured card.
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.
In addition your credit will get the most benefit if you can keep your monthly balance at 10% of your credit limit. For example if your credit limit is $300 then you want your monthly balance to be $30.
This will help because it shows; you use your credit, and use it responsibly. In addition having available credit will increase your available credit to debt ratio, this shows the bureaus that you are not in over your head.
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.
A prepaid card is another option. This is a good choice if you are unable to open a checking account because this card will work just like a bank account.
In sum we suggest a sub prime unsecured credit card to help rebuild your credit score. It will create a positive payment history and build positive credit.
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