In Canada, with the state of the economy and market, more and more people are suffering due to bad credit score. Luckily, by choosing the right credit card, one can have all the financial benefits of good credit score holders, as well as improve overall credit score. Poor credit can make it hard to get a car loan, mortgage, or apartment lease, so taking steps to improve one’s credit score is crucial. Read on to learn more.
Capital One Secured MasterCard
This credit card can help rebuild credit scores as well as establish a good credit history. This credit card allows its holder to choose the best credit line for all needs and keep track of credit score using Credit Wise from Capital One. With each timely payment, the overall credit score will improve. Thanks to the app, a person can always track progress and plan budgets accordingly. This credit card has no annual fees and requires only a deposit ranging from $50 to $200 to open a line of credit. As the credit score increases over time, there won’t be need to make additional deposits.
Indigo Platinum MasterCard
Those who have had financial difficulties in the past and can’t seem to find a good credit card provider can look into getting an Indigo Platinum MasterCard. This card doesn’t require funds to be deposited to open a line of credit, but it does require a small annual fee. High interest rates can be avoided and credit score improved by making payments on time. Those who have filed for bankruptcy in the past can still apply for this credit card.
Credit One Bank Unsecured Visa
A person can pre-qualify for this credit card without further damaging any current credit score. This is the ideal card for anyone who has a history of bad credit scores. If monthly payments are made on time, a 1% cashback reward will be placed on all purchases, regardless of credit score. The due dates are very flexible at the cost of an annual fee.3
Tips and Tricks to Rebuild Credit Score
Whether looking to establish a good credit score or improve current credit score, there are a few things that should be kept in mind.
Sending out multiple applications for credit cards can considerably lower credit score. Credit card companies always perform a thorough credit check for all their new applicants, and this can damage annual credit scores. Take more time and explore all options before applying for the desired credit card.
All the cards mentioned above will allow a person to pre-qualify without taking a hit on a credit score. Just because bad financial decisions were made in the past doesn’t mean anyone has to carry the burden of a lousy credit record for life. By acquiring a new credit card, one can quickly rebuild a credit score and get finances back on track.
[1]https://www.capitalone.com/credit-cards/secured-mastercard/
[2]https://indigo.myfinanceservice.com/
[3]https://www.creditcards.com/credit-cards/credit-one-bank-unsecured-visa-with-cashback-rewards/
[4]Capital One, Secured Mastercard from Capital One
[5]Indigo
[5]CreditCards.com, Credit One Bank Unsecured Visa with Cash Back Rewards
