Credit rating plays a crucial role when applying for a new credit card. With most financial institutions reluctant to issue a new line of credit to someone already in debt, finding a way to get rid of the debt can seem a bit tricky. But, there’s nothing to worry about, as plenty of companies offer credit cards that can help one rebuild their scores while availing a higher line of credit.
Discover it® Secured Credit Card
Even with a poor credit rating between 300 and 629, you can apply and get a brand new Discover it® credit card issued hassle-free.
The card offers better cashback and redeemable rewards that translate into monetary savings on your purchases. Moreover, you don’t have to pay an annual fee to secure this offer. Any late payments will also not affect the APR, and there’s no foreign fee for transactions. You also earn 2% cashback in popular shopping categories and 1% cashback on the rest of the purchases. In addition, Discover it® brings you an unlimited dollar-for-dollar match guarantee on the cashback you’ve accumulated over the year.
OpenSky® Secured Visa® Credit Card
Poor credit history or rating will hardly matter with OpenSky® Secured Visa® as the company doesn’t require a credit check.
This means you can avail a credit card that’s accepted worldwide for rebuilding credit even when you don’t have access to traditional banking because of poor credit. In addition, although the annual fee for the card is capped at $35, the variable APR is more manageable than other Visa® cards. Since OpenSky® reports to all three credit bureaus, it’s also possible to quickly repair a poor credit rating after just six months of transactions.
Secured Mastercard® by Capital One
Capital One brings you a secured line of credit with a poor rating in the range of 300 and 629. This is an excellent opportunity for you to rebuild damaged credit with a card that charges no annual fee. It also gives you a chance to be considered for a better line of credit in less than six months from the date of issue. While the variable APR is slightly higher than alternatives set at 26.99%, it’s still a decent option on the Mastercard® network.
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