Plenty of people who work hard and watch their spending end up with credit scores a bit lower than they'd like. There's a solution! In fact, there are a bunch of them. Choices including the right credit cards, loans, shopping hacks, and more can all work together to get your finances back on track.
2) Rebuild Your Credit with the Capital One Platinum Credit Card
The Capital One Platinum Credit Card is an excellent choice for people with average, fair, or limited credit. One big reason is that unlike most credit cards for building credit, this one comes with no annual fee. It does, however, come with lots of valuable features.
You'll get some complimentary credit management tools and resources to help you establish a stronger credit score. You can also monitor your credit profile for free with the CreditWise® app. You'll even be automatically considered for a higher credit line in as little as 6 months. There is no rewards program with this card, but many experts actually consider that a bonus for folks just starting out with credit since they won't be incentivized to overspend.
3) Leverage a Secured Credit Card like the Citi® Secured Mastercard®
Whether you're looking to build credit for the first time, or rebuild your credit if it has dropped into poor standing, a secured card is the perfect tool for the job. Secured cards, like this one from our partner Citi, work just like any other credit card, but you need to put down a refundable security deposit to get approved. Over time, as you use your card responsibly by making on-time payments, your credit score should increase. Once you're ready to move on to an unsecured card and close your account, you will get your original security deposit back as long as your balance has been paid off.
The Citi® Secured Mastercard® is a great choice because it reports activity to all 3 major credit bureaus. It even comes with a number of helpful perks and benefits to get you started. You can easily set up Auto Pay to ensure you never miss a payment and you can manage your account 24/7 online, by phone, or in our mobile app. To top if off, the Citi® Secured Mastercard® charges no annual fee.
4) New to Credit? Consider the Petal® 1 "No Annual Fee" Visa® Credit Card
Finally! A credit card designed specifically for those who are new to credit. The Petal® 1 "No Annual Fee" Visa® Credit Card comes with a strong rewards rate of 2% - 10% cash back from select merchants and has no annual fee. With credit limits of $500-$5,000, it's a powerful tool to help you build credit.
In addition to no annual fee, this card has no foreign transaction fees. Remember, this is a true credit card so there is no security deposit required either. If the Petal® 1 "No Annual Fee" Visa® Credit Card sounds right for you, there's more good news. You can see if you're pre-approved within minutes and without the danger of putting a needless ding on your credit report.
Bonus Tip: Improve your credit score by paying down your debt with extra cash
Sounds like a no-brainer, right? Whether it's a little or a lot, putting in additional money to pay down high-interest credit card debt can have a very positive impact on your credit score. But where does this extra cash come from? While there are countless ways to save money, one of the easiest ones is to use an online shopping tool on purchases you're making anyway.
Capital One Shopping is a free, and easy-to-install browser extension designed to help you save money and time when shopping online. It's a free browser extension that automatically compares prices, applies promo codes, and alerts you to better deals while you shop. It's time to make sure you always get the best deal. Add it now to start saving.
*Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO Score 8, or another type of credit score altogether. Learn More.