A secured credit card may be an option for you if your credit score is less than 630. These cards are subject to a $500 minimum deposit and can have terms that can be difficult to comprehend. Before you make any decisions, it is a good idea to consult a credit repair agency.
Secured credit cards
If you have a 630 credit score, you may be interested in a secured credit card. These cards let you make small purchases while still paying the full balance each month. This helps you build a strong payment history, which will improve your credit score. You can sign up for Experian Boost free of charge to get you started. These programs will make regular payments to your credit report, so creditors can verify that you are reliable.
Secured credit cards can be applied for, but they require a refundable security deposits. These cards can help you improve your credit score. You can also look for one that offers no annual fee, like the Capital One Quicksilver Secured Cash Rewards Credit Card.
Capital One Platinum Card Credit Card
Individuals who are working to improve their credit score will love the Capital One Platinum Credit Card. It is part the Mastercard network so it has many benefits such as fraud protection, 24-hour emergency travel assistance, car rental insurance, and insurance for travel accidents. You also get price protection and extended warranty coverage. The card is not rewarding and can be expensive to balance.
Cardholders with credit scores of 630 and below can apply for this card. The annual fee is $39, but the card will increase your credit limit after six months of responsible use. You also get a CreditWise App that tracks your credit report free of charge. For those with a 630 credit score, there are several credit card options.
Indigo(r) Mastercard(r)
Indigo Mastercard is a credit card that is aimed at people with low credit scores. The card is faster than other cards, which require lengthy approval processes. This card does not require a security investment. For those with low credit scores, the credit card offers a welcome bonus.
Indigo Mastercard comes with a decent credit limit at $300. It reports activity to three major credit agencies so that you can build your credit record. There is no annual fee for purchases. While this card is convenient, it is important that you choose one that has low credit utilization.
People with low credit scores love the Indigo Mastercard. If you have poor credit, it may be a bit expensive. The regular APR on this card can be extremely high, and the card comes with a high penalty rate. The annual fee is high and there are many additional fees. This credit card doesn't offer any rewards programs or welcome bonuses.