Nobody wants to have bad credit but in life sometimes things happen. Unemployment, too many financial obligations, or just plain bad planning can drop your credit score into the dumps. So, when this happens what can you do to to rebuild your credit? After you pay off all of your old debts, the next step is to rebuild your credit. My favorite vehicle for doing this is with a secured credit card.
The best secured credit card is the Capital One Secured Mastercard. (I have not received one single penny to recommend this card.) The card has a credit line ranging from $200 to $3,000. Your credit line is determined by your account deposit. The variable APR is 19.8%. There are cards with lower APR’s but your goal is to rebuild your credit not use it. You should not have any outstanding balance each month. You will charge something and pay it off immediately so that you can avoid the interest charges.
The reason that I am a fan of this card is because of the low fees. The Capital One Secured Mastercard has an annual fee of just $24. This is incredibly low since most secured cards charge fees of $9.95/ month or more. This card will automatically report to all three credit bureaus and enroll yout in CreditInform® which lets you track your credit information. You will also be able to earn credit line increases as your credit report improves.
If I was looking to rebuild my credit history, this is the card that I would use. It’s a lot better than these secured cards.
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