If you’ve been denied credit because of a poor credit rating, there are a number of options to repair your credit score. For example, you can apply for a secured credit card with a lower annual fee. These cards can offer you a credit limit of up to $5,000. In contrast, unsecured cards generally have credit limits of between $200 and $300.
What is the US average credit score?
While getting approved for a new credit card is the most common method of repairing your credit score, there are other alternatives. For example, you could look for a credit card that reports to one of the major credit bureaus (ideally to all three). If you’re able to make regular payments on time and establish a payment history, you can improve your credit history.
While the limits on bad credit rating credit cards may not be as high as those for credit card bad credit rating with good credit ratings, they are a great way to start repairing your credit rating. The best options are those that offer rewards programs and other perks, as well as low interest rates and fees. These cards will also help you build your credit history again by helping you pay down your debt faster.
The best credit cards for people with poor credit scores are secured cards. A secured credit card requires the consumer to place a cash deposit, which helps lower the issuer’s risk of defaulting. Secured credit cards offer a low annual fee, and they may be the best option for those with a low credit score. They also offer excellent cash back rewards, often up to 2% or more.