If you’re on the lookout to get instantly approved on a credit card offer you’ve come to the right place. You’ll typically want to bypass the credit check and pick an easy option with no credit pull. This gives you the choice of many cards that are specially targeted for high-risk borrowers with imperfect credit.
Be conscious that these products usually can be a hazardous combination of hidden fees and extreme costs. Of course, that’s not helpful when you’re in building a credit rating. An additional instant and guaranteed store credit card is a great option that’s straightforward to receive and gets approved fast.
The main drawback of store credit cards is that they’re also not that helpful if you’re building credit. There’s a more instant way to fulfill your financial requirements and mend your score at the same time. If you are lacking in patience, you may just want to skip to the part with the list of required credit cards.
How Bad is Your Credit?
It’s always nice to understand how bad your credit is before you apply for the wrong credit card. We all have the right to receive a credit report completely free once a year. Just head over to https://www.annualcreditreport.com and place an order for a fast and free credit report from any of the three major credit companies.
No Mistakes in the Report?
It’s crucial to see if your report is precise. You should fix up anything that’s outdated or incorrect. It demands patience, but it’s going to pay off in the long run. Taking out every error from a credit report is a process that requires multiple steps and can take up to 30-60 days.
• Print your report out and skim through it using a pen. Resolve everything that is not accurate.
• If you just experienced a bankruptcy recently, check all accounts specifically that were involved with the bankruptcy.
• Reports should be marked as holding a zero balance. They should have an ‘included in bankruptcy’ standing and shouldn’t be in derogatory or default status.
• For each account that doesn’t have the right information on your credit report, create a claim with every one of the three major credit agencies.
How to Report & Remove Inaccuracies
Forward the report about the inaccuracies through certified mail and request a return receipt. If you covered numerous problems within a single letter, follow a list format to ensure that the reader will be able to see all the problems clearly.
• Check your report once more after 30 days. If the inaccuracies were not updated, mesage the creditor about the matter.
• When you receive an answer from that creditor, relay the information to the credit agencies involved.
• After 30 days subsequent, all the info should be accurate on your report or all major issues will at least be fixed.
• Begin working on repairing your credit score after fixing your credit report.
What are the Best Credit Cards to Rebuild Credit?
The above steps are perhaps one of the quickest ways to go about improving your score in an efficient manner. Depending on your credit situation, you may be able to skip a couple of steps.
Credit Score Under 500
When your score is under 500, your initial choice is a secured card. This is going to help you with establishing a basis for your credit and afford you a usable credit card in the meantime.
Main things to consider when deciding on a secured credit card are:
• It’s best if the credit card reports to major credit companies (and even better if the reports are classified as an unsecured credit card)
• Annual fees typically go from $0 or more than $100. Get yourself a credit card that has zero or an insignificant annual fee.
• Locate a credit card that is going to allow you to move over to an unsecured credit card in a period of 6-12 months.
When you properly use your secured credit card for 6 months you may review your credit score and take note if you’re now ready for an ‘actual’ unsecured credit card (and move on to the following step).
Credit Cards for Credit Score 500-530
When your credit is in the 500-530 range at least you may be able to apply for a type of high-risk credit card like a secured credit card. It’s a good starting product that guaranteed to help get your score off and running. Begin reporting your score and build a good foundation. Following 6 months of using the credit card responsibly, see if your score changed. You should now be ready to get a second credit card.