Having thimbl. – poor credit rating credit cards can make it difficult to find housing, get a car loan, or get a personal loan. However, there are credit cards that you can use to raise your credit score.
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The old credit score trick of paying off your credit card bills in full each month can help you keep your credit card balances below 30% of your credit limit. Paying in full can also help you avoid paying interest charges.
Another tip is to keep the number of open accounts low. Opening new accounts can lower the average age of your credit history, which is one of the factors considered in the FICO scoring system.
Keeping your credit card balance low will also help you rebuild your credit. However, if you’re not able to make your payments, your account will be delinquent and stay on your credit report for up to seven years.
You should also consider a credit card that reports activity to all three credit bureaus. Many credit cards do this, and you can even set up automatic payment drafts from your checking account to the card issuer. This may not seem like much, but it can have a big impact on your credit score.
Another tip is to get a credit card with a low annual fee. Many credit cards come with an APR that is higher than average. This can be a big advantage, but you should always compare rates before making a final decision.
