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An option that does not check your credit history or with low annuities are the best.
The United States is the country of great economic opportunities and this is reflected in its stimulating use of credit cards among citizens.
In the United States, 83% of people between the ages of 30 and 49 own at least one credit card. The use of this is increasing due to the fact that it is a resource that, when used well, helps the holder to make their money yield better while acquiring more products and services that they could not pay for without the benefits of the card.
However, it is true that there are many people who, due to ignorance or irresponsibility, do not make good use of their card or loans, failing to make payments and generating almost irredeemable interest, thus damaging their credit score.
The credit score is a number that reflects the creditworthiness of the consumer in three aspects : number of open accounts, total levels of debt and payment history; and it is counted from 300 to 850 points. The higher this value, the better credit history you have in the eyes of lenders.
How the credit score is reflected in the market is:
- Excellent: 800 to 850
- Very good: 740 to 799
- Good: 670 to 739
- Reasonable: 580 to 669
- Few: 300 and 579
Usually people with a poor score, for whatever reason, are those who maintain a current debt with a loan and for which many financial institutions do not process a credit card.
But Wallet Hub gives us some options of financial institutions that can give you a credit card with a score between 300 and 639 and that will give you the opportunity to rebuild your credit status.
Among the features offered by this type of card are: low annual fees that can even reach $0, reimbursement rewards of 1% of your purchases and the improvement of your debt that reaches the database of other institutions that could return to trust you.
OpenSky Secured Visa
One of the cards on the market that does not check your credit status, a great advantage for many who have low points. Of course, you must cover a minimum security deposit of $200 and you are not saved from an annual fee of $35, which is not as high as other options.
Credit One Bank Visa
More than an option to improve your credit score, which can do it, it is recommended for use in emergencies since it only offers you a line of credit in your first year of up to $300, which will allow you not to go into debt beyond of the unforeseen event for which you had to access it. Your annual payment for this service is $95, for your consideration.
Discover it Secured
Voted the Best Secured Credit Card of 2020 by Wallet Hub, this option has a $0 annual fee and rewards cardholders with 1%-2% cash back on purchases you make with it. To enjoy its benefits, you need to make a minimum deposit of $200, not a high amount to have the opportunity to improve your score through this credit card. In addition to the reward for each purchase, at the end of the first year you double your earned rebates, which puts it at the top of the options to improve your credit while saving money.
An important detail to consider is the high APR that exceeds the average of other types of secured cards, so it is advisable not to borrow more each month but the only thing you are going to generate is a high interest on your debt.