Looking for best rated secured credit cards for bad credit? Which credit card is good for bad credit?
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▶️Private Link for Capital One: https://capital.one/3tcbQtb
Hey Guys! Welcome and in today’s video, I will cover the "wheel of fortune" aka the credit scoring system and what each level means from having a very poor rating up to an exceptional one. Next, I provide a detail breakdown of the five categories that make up your credit score: payment history 35%, amounts owed 30%, length of history 15%, new credit 10% and credit mix 10%. I explain how these individual categories can impact your credit score.
Next, I cover the best three credit cards for bad credit. I review the discover it secured credit card, capital one platinum & capital one quicksilver cards. These three credit cards should not only get you back on the road to credit worthiness.
Credit scores are used to determine whether lending to someone is safe or dangerous. They're based on a borrower's credit history and are used to anticipate whether or not they'll be able to repay their loans on time. Credit scores are usually assigned a number between 300 and 850. Multiple scores are common because credit bureaus utilize diverse rating criteria.
Credit cards for people with bad credit are often straightforward to obtain and can be used to help you rebuild your credit. Credit cards for bad credit can aid in credit restoration. They offer lower qualification requirements and come with credit-building benefits such as low interest rates, minimal fees, or free credit score access and monitoring.
When you have bad credit and want a credit card, you usually have two choices: a secured card, where you put down a security deposit equivalent to the credit line you want, or an unsecured credit card tailored for those with bad credit.
▶️Best 3 credit cards for bad credit 2022:
Discover it® Secured card:The Discover it Secured card is our pick for the greatest all-around credit card for people with weak credit, as well as the finest cash-back option. It has no annual fee and even has an introductory deal on debt transfers if you have another credit card with a high interest rate.
Capital One Platinum Credit Card: Because it offers relatively low fees and moderate interest compared to the competition, we identified the Capital One Platinum Mastercard as the best unsecured alternative for credit-impaired candidates. There is no rewards program, but there are no yearly or international transaction fees as well. However, there is a high interest rate. The Capital One Platinum is a good option for building credit if you pay off your payments on time, and with persistent responsible use, it can lead to a wide range of Capital One reward-card possibilities as your credit scores improve.
Capital One Quicksilver Credit Card: The Capital One Quicksilver Credit Card has no annual fee and gives you a flat 1.5 percent cash back on all purchases, plus a $200 incentive once you spend $500 on purchases within three months of starting your account. To add to the value, it offers a 15-month initial 0% APR promotion on purchases. This is a rare cash-back credit card that's worth bringing on a trip abroad because it doesn't charge a foreign transaction fee.
▶️Before applying for anything, it's important to know your score. You're entitled to one free credit report each year. Simply go online and setup a free account with the BIG 3 Credit Bureaus.
Experian:https://www.experian.com
TranSunion: https://www.transunion.com
Equifax: https://www.equifax.com
▶️Big Three Credit Bureaus Info:
Experian, PO Box 4500, Allen, Texas 75013
Equifax Information Services, LLC, PO Box 740256, Atlanta, GA 30374-0256
Transunion Consumer Solutions, PO Box 2000, Chester, PA 19016
If you have bad credit right now, start working to improve your credit and credit score today!
So, watch the entire video because It’s packed full of important information.
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