Using credit cards are a great way to rebuild credit scores. Here’s a list of the best credit cards that accept applicants with bad credit.
Best Credit Cards for Bad Credit
Having bad credit is surely a point of anxiety for many. Our credit scores follow us everywhere we go and affect our lives in many ways. For some it could be a reason not to own property or even land that dream job.
The good news is that credit cards for bad credit exist and your credit score is not permanent and could be fixed with just a few steps.
One of the most effective ways to rebuild credit is by using a credit card, and making sure that at least the minimum payment (usually around 10% of the owing balance) is paid before the due date.
Many people feel stuck wondering how they could rebuild their credit if they can’t get approved for any credit cards. Fortunately, there are many credit cards designed for just that, repairing our credit score!
Secure vs Unsecure credit cards
Secure credit cards require the user to pay a deposit before being able to use it whereas unsecured credit cards require no deposit but are considered a type of loan.
Even though they require a deposit, secure credit cards are a good way to rebuild your credit score if you are unable to get approved for traditional credit cards. They offer the same perks as regular credit cards, such as letting you rent a car and are a great way to learn about managing credit cards.
Here are is a list of the best credit cards for rebuilding your credit score:
Best secured credit cards for rebuilding credit
List of the best unsecured credit cards for rebuilding credit
All of these cards are great options for anyone looking for credit cards to build or rebuild their credit score.
When choosing the right card, it is important to make a decision based on the credit card features as well as your current credit score.
Before applying to credit cards that require a credit check it’s critical to keep in mind that each credit check affects your credit score, especially when there are numerous applications. Avoiding too many credit checks in a short period of time is important.
Paying off at least the minimum required payment before the due date will surely improve a credit score, but other factors, such as paying cell phone bills on time will also affect your credit score. Therefore, it is important to keep all of these other factors in mind.
Want more tips on building your credit score in Canada? Download our free Guide to Bad Credit Score right now!