I am looking for a way to rebuild my credit. My score... - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » I am looking for a way to rebuild my credit. My score is only a 545. I recently paid off...

I am looking for a way to rebuild my credit. My score is only a 545. I recently paid off my student loan, but most of my bad credit history is from when I was younger. Any suggestions on a credit card thar will approve me so I can rebuild?

Answered on | Updated on September 12th, 2012
The content is accurate at the time of publication and is subject to change.

With a credit score under 600, your options are limited, but the good news is, with careful use of your credit, you can raise your credit score over time. All it takes is diligence and patience – and the right credit card to help you get started repairing your credit.

It’s great that you know what your credit score is – that’s a good start. Did you take a look at your credit report when you found out your score? It’s always a good idea to really read your credit report carefully, looking for any inaccuracies, outdated information, or errors. About 80 percent of credit reports contain a mistake of some kind; if yours does, you’ll want to contact the credit bureau and the bank or company that reported the inaccurate information.

Once you’re satisfied that your credit report is correct, browse our selection of credit cards for bad credit and secured credit cards. Any of the cards in these sections could be a good match for you – you might want to consider the Applied Bank Secured Visa Gold Credit Card, which has a low APR of 9.99 percent APR and requires a $200 deposit.

Most credit cards for bad credit have high APRs and some have fees, but if you don’t carry a balance, the APR won’t matter. With a secured card, you’ll pay a deposit as collateral on your line of credit – sometimes this is necessary if you don’t qualify for an unsecured card. Whichever card you choose, make sure it reports to major credit bureaus so your on-time payments and responsible use of credit will be reflected in your credit history, and within six months or a year, you should start to see your credit score climb.

Remember: make small purchases that you know you can pay off completely, always pay your credit card bill on time and in full, try not to use more than 30 percent of your total credit limit, and make sure your credit report doesn’t contain any wrong information. With these steps, your credit should improve in time.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
  • maxoutnomore

    With many years in the credit feild I would strongly suggest that you open 1 or 2 Secured credit cards. Capital one is a Very good company to do just that, and the security fee’s should only be like $60 a card.Stop using cash for whatever purchases that you can (of course not a coffee and roll) and at the end of the month when you get your statement send in your payment IN FULL!!!!!!!. I cannot stress that enough. Also as soon as you get your bill send it out. Do not wait until 7 days before the Due Date. This will show you are paying your bills in FULL each month and you are also avoided paying any intrest fees. Also Very Important. Do NOT apply for every card you are offered in the mail. To many inquirys on your report is no good. I garuntee you that within the first year you will be getting Pre Selected card apps in the mail like crazy and you will also start to get PRE APPROVED apps also. Stay clear of these apps unless you really need another card for more spending power, But only if you can pay the bill in Full every month. Within the next 4 years you will have acumulated at least 100,000.00 in credit if you took every offer that was sent to you.Another good credit building tool is personal loans, car loans,Overdraft checking account on your checking account. If you take this advice you will not be sorry. I’ve been Counseling Credit for the past 15 years and if you came to my office I would have to charge youLOL. So why do I do this? I like helping people because everyone deserves a far shake and I was in the same boat, if not worse myself many years ago. Good Luck and Let me know how you make out or need more advice.

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