A credit score shows your creditworthiness and the probability how well you will pay your bills. There are different credit models to calculate the credit score but most likely poor credit score ranges between 300-579 and excellent goes between 800-850.
If you don’t pay on time, have poor remarks on credit reports, high credit utilization rate, and have multiple credit accounts this all will lead you to a poor credit score. And you can’t spend on good conditions.
Why credit score is so important?
People with good credit cards get more favorable credit terms this also translates to the lender’s decision to offer you credit, your monthly payments and interest rate. But if you have a bad credit score you are not a more viable option for any lender or good credit terms.
How can you improve your credit score?
There are some beneficial credit cards that helps you to raise your credit score:
- Capital One Platinum Credit Card
- Merrick Bank Double You Line
- Indigo Credit Card
- Discover it Secured Credit Card
- Petal 2 Cash Back No Fee Visa Credit Car
Capital One Platinum: A Card for Average Credit Owner
It’s an undemanding card for the people who want to go up with 0$ annual fee, you can boost your credit limit only by showing some responsibility.
Capital One Platinum Card is a convenient option for those who own average credit. As it charges no annual fee and no foreign transaction fee. But the remarkable feature that attracts most of the people is it offers to earn a high credit limit after you make payment on time within six months.
If you don’t have spotty credit history and have average credit so you can’t access a high credit line or enjoy a high credit limit. But with Capital One Platinum you can raise your credit limit and have beneficial effects on your wallet. And can have the credit score between 630-689.
Features That Helps You to High Score:
- No Annual Fees or Cash Penalties
- Unlimited Access to CreditWise
- Get A Chance to High Your Credit Limit
- Choose monthly due date and payment method
- No APR penalty for late payments
Merrick Bank Double You Line Credit Card
If you are with a low credit history and have no idea how to build or rebuild your credit score then Merrick Bank Double Your Line is a solid option to have. As, it doubles your credit line within the 7 months when the account is opened. It has an annual fee of $36 for the first year and charges for foreign transactions as well. Credit score lines between $500-1250 can be doubled as well without security deposit.
Key Features that Incur your Credit Limit:
- Offer standard security features by depositing an initial amount of $200.
- You can quickly double your deposit money by $400 if you pay a small monthly amount on time.
- Can have free access to your FICO score which is popular in lenders and helps you in monitoring while building up your cred score.
- Merrick Bank Double Your Line offers less interest rate i.e. 17.45% APR if you carry balance with them.
- It gives you potential fraud coverage as your card is recovered within 24 hours or 7 days a week. Also, keep you on track by auto pay or alerts.
Indigo Credit Card
Indigo Credit Card is top rated for those with bad credit it also reports all three credit bureaus i.e. TransUnion, Equifax and Experian. Its an ideal situation as to calculate your credit score everyone gets the information from there. With good payment history you quickly get good credit score. Indigo Credit Card offers the credit limit of $300 which is considerably low.
Why Indigo Credit Card?
- If you are a bankrupt and have poor credit history you can start with Indigo Credit Card.
- You can qualify for $0 annual fee.
- Have no money for security deposit but want initial credit limit go with Indigo Credit Card.
Discover it Secure Credit Card
A noticeable secured credit card for rebuilding poor credit history as it lacks annual fee also offer rewards and sign up bonus to it consumers. A security deposit of $200 is required to have this secure card but you will get your money back once you upgrade your account to regular credit card or leave the account in good terms.
Factors that maintains credit score limit:
- This secure card reports all the three credit bureaus (TransUnion, Experian and Equifax) which helps you to build your credit limit.
- There is no foreign transaction fee for the consumers.
- You can earn the reward of 2% cash back on up to $1000 while spending on gas station and restaurant purchases.
- It doesn’t charge late fee on first late payment.
- For the first six months it charges 10.99% interest rate then the ongoing APR is 22.99%
Petal 2 Cash Back No Fee Visa Credit Card
Petal 2 is a well-suited credit card for those who have fair credit history and want to reach up to $10,000 credit limits. It has no annual fee require no security deposit also you can enjoy reward. So, it is an ideal option if you avoid any fee and cash penalties.
To qualify for Petal 2 Credit Card, you need to have valid social security number, taxpayer identification as it not only considers FICO score but also evaluates multiple factors such as your income, spending and savings.
Benefits That You Enjoy:
- If you have Petal 2 Credit Card there is big “No” for any fee no annual fee, no foreign transaction fee, no late payment fee no any other fee.
- You can go up to the $10,000 credit limit which is big higher than other credit cards.
- Its offers solid reward system in the start you can have the 1% cash back on all purchases but if you make monthly payments on time you can touch 1.5% cash back.
- There is an ongoing regular APR ranging from 12.99% to 26.99%.
- It’s a travel friendly card as compared to others that you can save your money while traveling abroad.
If you have poor credit reports you can’t be a lender’s choice or have good credit terms in anyway. But if you get cards that helps you to improve your credit limit then you can have better conditions while getting loans, transferring big payments and other rewards.