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.
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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:
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.
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.
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.
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.
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.
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.
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