OPENING A NEW CREDIT CARD CAN BE BENEFICIAL<\/p>\n

Already have a credit card? That doesn’t mean it wouldn’t benefit you to open another one. Opening a new credit card and expanding on the amount of credit you have can help to raise your credit card.<\/p>\n

YOUR CREDIT UTILIZATION WILL BE IMPROVED<\/p>\n

Your credit score is severely impacted by how much of your available credit is used up. Your total credit utilization should always be kept at 30 percent or less. For example, if your credit limit is $1,000, you should not be using more than $300 of that amount. Opening a new credit card and increasing your credit limit is a great way to improve this quickly. If your credit limit was previously $1,000 which was maxed out and you open a new credit card with a $1,000 limit, while your credit utilization would be a bit over 30 percent, it would still be a huge improvement.<\/p>\n

EVALUATE OPTIONS FOR HIGH INTEREST DEBT<\/p>\n

If you have a high interest line of credit that you currently have a large amount of debt attached to, it would be beneficial to transfer this balance to a credit card with a lower interest rate. Choose a credit card that has a low or no fee for balance transfers. Over time, you can save a decent amount of money with even just a slightly lower interest rate.<\/p>\n

ADD VARIETY TO YOUR AVAILABLE CREDIT<\/p>\n

Creditors like variety and a credit card is a great way to add variety. If you have a secured loan, mortgage, or car payment, adding revolving or unsecured credit to the mix is a must. Just a couple of financial institutions are all lenders would have to consult with when checking to see if you are in consideration for your credit if you only have a select few lines of credit. Adding a credit card and more for lenders to examine will help your overall credit.<\/p>\n

DIFFERENT CARDS, DIFFERENT PURPOSES, DIFFERENT PERKS<\/p>\n

Most credit cards have some sort of points or perk program allowing you to receive rewards for using your card. One card may offer extra points for travel while another card offers extra points for restaurant purchases. Having different cards and optimizing your use of them by focusing on using them for categories that get you the most rewards can benefit you.<\/p>\n

UTILIZE LOW INTEREST OFFERS<\/p>\n

Some credit card companies offer new or returning customers low or no interest for a set period of time. Take advantage of this opportunity to manage other unsecured credit but make sure to pay it off prior to the period of time with low or no interest coming to an end! Qualifying for an offer like this gives a huge advantage if you use the offer responsibly.<\/p>\n

CREDIT CARDS FOR THOSE WITH BAD CREDIT<\/p>\n

When you have bad credit, getting a new credit card can be hard. That being said, there are many options to make it happen if your credit is poor so you can work to improve your credit score by utilizing a new card.<\/p>\n

CREDIT CARDS FOR RETAIL STORES<\/p>\n

Just a warning, retail credit cards usually have higher interest rates. With that in mind, these often low credit limit options can still help you improve your credit! Retail credit cards can typically only be used in certain store locations but the creditors report back to credit bureaus just like all other card companies do. If you are having bad luck applying for unsecured credit cards, retail credit cards may still be a great option to help improve your credit.<\/p>\n

SUBPRIME CREDIT CARDS FOR THOSE WITH POOR, LOW, OR NO CREDIT<\/p>\n

Subprime credit cards are designed specifically for those with poor, low, or no credit. A credit check will be done which must be passed to qualify for a subprime credit card. These cards often have high interest rates, fees, and a variety of other charges but if you can keep these charges to a minimum by regularly paying off your balance on time, this is a viable way to build and increase your credit.<\/p>\n

UNSECURED CREDIT CARDS FOR THOSE WITH POOR CREDIT<\/p>\n

Unsecured credit cards for bad credit are similar to subprime credit cards. They may be portrayed differently but like subprime credit cards, they do have high interest rates and fees. Unsecured credit cards for bad credit should only be used while working to improve your credit. Eventually you will qualify for better credit card options. Many people start out with a secured credit card, move on to an unsecured credit card for bad credit, and then move on to having many other options to choose from once their credit is improved.<\/p>\n

SECURED CREDIT CARDS WITH AN UPFRONT CASH DEPOSIT<\/p>\n

One option is to present an upfront cash deposit in order to receive a credit line that is equivalent to the cash deposit you have made. A lower risk is taken on from the creditor with a secured credit card as the deposit would be used if you don’t pay your bill. Your balance cannot be higher than the deposit you made which makes this a good option to have a lower rate of risk for yourself as well. Fees, interest, and other rates typically still apply with this type of card so paying off your balance in full by every due date is crucial to improve your credit and avoid extra charges.<\/p>\n

FIND THE RIGHT CARD FOR YOUR CREDIT<\/p>\n

Clearly, there are a ton of possibilities to be eligible for a credit card even if you currently have bad credit! It’s important to gather information about all of the credit card options you may have and make the best decision for your situation. Pay attention to beneficial offers, interest rates, needed qualifications, and rewards programs when doing the research to select the proper credit card for you to improve your credit score. It is fairly simple to do all of this research online prior to contacting a credit card company. Online, you can search for information on specific credit cards to find your best option. It is always recommended to compare a minimum of 3 or 4 different C card options prior to making a decision. Take your time, compare and contrast, and then follow proper rules and guidelines to use a new credit card to improve your bad credit score to good and then great!<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"We all know that having bad credit can be a detriment to your well being. It presents many…\n","protected":false},"author":2,"featured_media":2256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[154,155,3,156],"class_list":{"0":"post-2255","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"tag-bad-credit","9":"tag-credit-cards","10":"tag-finance","11":"tag-unsecured-credit","12":"cs-entry","13":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/posts\/2255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/comments?post=2255"}],"version-history":[{"count":4,"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/posts\/2255\/revisions"}],"predecessor-version":[{"id":2270,"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/posts\/2255\/revisions\/2270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/media\/2256"}],"wp:attachment":[{"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/media?parent=2255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/categories?post=2255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyflips.com\/wp-json\/wp\/v2\/tags?post=2255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}