Rebuilding credit credit cards

Are you suffering from bad credit or have just come out of bankruptcy and wish to rebuild your credit? If this is the case then here is something that can be of help to you. In this article we will be talking about how to rebuild credit with the help of credit cards .

There are different types of credit cards that you can apply for to rebuild your credit score. These include: secured credit cards, pre-paid credit cards and unsecured credit cards . However while taking these cards you should make sure that the payments towards all these cards are made on time and your payments are reported to the credit bureaus also on time .

Let us see these cards are how they help you rebuild your credit in detail.

Secured credit cards

These cards are specially designed for people with bad credit to help them improve their credit scores . Usually these cards require an initial deposit that would also be your credit limit. If you have a deposit of $300 then your credit limit is also $300.

The secured credit cards require a bank account that secures these cards. Once that the amount in your card gets over you can reload it to use it again .

These cards do not pose a risk to the issuer hence they are made available without any hassles.You can fill in the card every month and use it wisely . This would help you repair your credit gradually.

Qualifying for these cards is very easy and you can apply with your own bank where you have an account if they issue these cards .

Some of the good secured credit cards are mentioned here:

Orchard Bank Secured MasterCard: You can start your credit limit with $200. They report your payments to all the credit-reporting bureaus; annual fee of $35 and regular APR of 14 .9% is applicable. You can also opt for balance transfers with this card.

New Millennium Bank Secured Platinum Visa® or MasterCard®: They report your payments to all the credit bureaus . They charge an annual fee of $59 and a regular APR of 19 .5%. You can manage your account online with this card

UltraVX Visa®:This card offer a credit line of $25,000 .They report your payments to all bureaus and charge you a regular APR of 14 .9%; monthly fee is $6.95 or annual fee is $83.40.

Prepaid credit cards

This is also one of the good ways in which you can improve your credit score.These cards are also specially designed for people with credit problems .These cards are handled in similar way to how a checking or a savings account is handled . After you have opened an account you are given a prepaid card.Once the card is filled then you can use it anywhere like a normal credit card and the money is subtracted from your account .

The best part of having a prepaid credit card is that you can refill the card up to the amount that you wish . However, you have to keep adding money to your card for using it . The most advantageous thing about these cards is that you do not get any bills and you make the payment then and there.

However, before taking these cards you should make sure that your payments are reported to the bureaus. Some of these cards are mentioned below.

Eufora® Pre-Paid MasterCard®: They report your payments to all the credit bureaus; you can refill your account online. They charge an annual fee of $29.95% to $99.95%.

All-Access Prepaid MasterCard: There is no monthly fee associated with this card. You can reload your card up to $10,000 anywhere in the nation.

These are the usual credit cards that are issued.However, as you have credit problems you might be offered high interest rates or high fees for these cards .These cards are usually meant for people with good credit but gradually the providers have realized that there are more and more people who are falling into bad credit and hence make these cards available to them also .

Before you take these cards you should make sure that you have read the terms and understood the costs related to them.These cards are a line of credit and require no prior filling of money or any account as security .These cards are given out after assessing your credit score and income .

When you use these cards the company that has issued these cards makes the payments and you get a monthly bill that you are supposed to pay within a specified period.If you do not make the payment then you are supposed to pay in the late fee for the card and this can result in lowering your credit score .

Some of these cards for people who wish to improve their credit are mentioned below.

First PREMIER Classic Card: They report your payments to all the major bureaus. You are charged a regular APR of 9.9% and an annual fee of $48.00. You can manage your account online.

Centennial Gold MasterCard® from First PREMIER Bank: This card offers a regular APR of 9 .9% and an annual fee of $48.00. They report your payments to all major credit reporting bureaus .

Continental Finance MasterCard®: You get an instant approval with this card. They charge a regular APR of 19.92% and an annual fee of $49.00.You can manage your account online and have your payment reported to all the major bureaus .

With these credit cards rebuilding credit is not a difficult task if you make sure that your payments towards the bills are made on time .While managing the unsecured card especially you are required to be careful so as to not use the card unwisely to make expensive purchases . The other cards are more user-friendly but you should make sure that your payments are reported to the credit bureaus on time .