According to an Experian study 34% of Americans have a poor credit rating of under 669.1 Low credit scores can impact lives on so many levels making it harder to keep up with society. A range of credit cards for bad credit are available with low fees, helping people rebuild their credit and save money in the process. Have bad credit? Here are the top offers designed to help rebuild your credit and improve your score.
The problem so many face is that with bad credit scores it can be difficult to be approved for a new card. To rebuild your credit card you need to have a card and show better management of finances raising your score over time. Because many people have found themselves in this situation finance companies are creating affordable and low rate options to help boost credit scores.
The Top Bad Credit Card Options For 2022
Capital One Platinum Secured Credit Card
With no annual or hidden fees the Capital One Platinum Secured Credit Card2 is a great option for those looking to improve their credit scores. It only takes seconds for a pre approval giving you access to a card which also comes with CreditWise which is a live tracker of your current credit score. With just a $49 security deposit which is totally refundable opens up a $200 initial credit line. In just 6 months time if the cards finances have been carefully managed you can be considered a higher credit line automatically with no extra deposit.
Surge Secured Mastercard
The Surge Secured MasterCard3 is an option for all credit scores no matter how poor. Although it requires an initial deposit of $300 which is totally refundable this card also offers 1% cash back on every purchase. The Surge card offers monthly reporting back to credit bureaus keeping your credit score constantly updating and hopefully improving with well balanced finances. It comes with a fast and easy approval process but will also require a $69 annual fee.
Aspire® Credit Card
The Aspire credit card4 accepts all credit types but still requires an initial approval which takes just seconds. The annual fee for the first year is $85-$175 depending on which rates you select and $29-49 each year after. Offering a 1%-3% cash back reward rate this card has some of the better benefits to a bad credit score credit card.
OpenSky® Secured Visa® Credit Card
OpenSky5 offers a card that is accepted worldwide with a relatively low annual fee of $35. This card helps people with bad credit by minimising costs involved with other credit building card options. Opensky actually doesn’t require a credit check but a refundable deposit of up to $200 is required to open the card. They even have a Facebook community with other bad credit users who help to share experiences and tips for boosting their score. With reporting to credit bureaus this is a fantastic option for those ready to improve their credit score in 2022.
Fit Mastercard Credit Card
Another option no matter what your credit score is the Fit Mastercard.6 It comes with a $400 initial credit limit which is doubled to $800 if you make the first 6 months minimum payments on time. It offers free access to Vantage 3.0 score from Experian if you sign up for e-statements which helps to easily view credit bureau rankings.
Tips For Boosting Credit Scores Faster
The pandemic has created a record jump in the US unemployment rate and the financial state of citizens varies enormously. If you’re anxious about having a lower credit score don’t worry because there are tips to stick to quickly improve your score.
Setup Automatic Bill Payments – The best way to avoid missing monthly payments on a credit card is to setup automatic bills. Simply by keeping some money in your checking account at all times will help to not miss a bill keeping your score constantly rising.
Pay Down Balances – A crucial role in improving your credit score is to focus on paying down any high interest debts first. Decreasing your credit card balances before other loans like student loans shows credit lenders that you’re responsible with your credit. Keeping your credit utilisation under 30% is suggested at all times to keep credit scores improving.
Dispute Inaccuracies – You can receive a free credit report from AnnualCreditReport.com which uses the three main credit bureaus. Investigating these reports yourself can help to identify if any inaccuracies or mistakes have been noted by a bureau affecting your score. Incorrectly reported late payments are a common mistake people find which lowers your credit score rating.
Pay Off Credit Card Every Month – Its an obvious one, but still one of the most important steps to rebuilding credit scores. Paying off your balances every month is vital helping to keep credit utilisation scores low and strengthening your credit score.
Find Your Perfect Bad Credit Low Rate Credit Card
If you’re ready to begin improving your credit score in 2022 then having the right card is paramount in your journey. With many options available it can be confusing to know which is the right choice for you in the long run. To find bad credit options for credit cards with added benefits and discounted rates a simple online search can reveal more.