Bad credit can significantly limit your life.
Not only can it present barriers to being able to make large purchases, but poor credit scores increase interest rates for everything from phone contracts to checking accounts. It can even keep you from landing a job.
As Investopedia points out, results from a 2016 CareerBuilder survey showed that 72% of employers said they run a background check on every new hire, and, of those, 29% take the candidate’s credit history into consideration when making hiring decisions. Hopefully, there are ways to build credit, even while spending money.
Credit card companies are increasingly offering products to help those with credit scores under 580 and are ready to help you put you back on right track. Here are a few we think need to be in your wallet.
OpenSky Secured Visa Credit Card
This is a great card for those who have had issues getting approved for cards in the past. The OpenSky® Secured Visa® Credit Card doesn’t run your credit upon applying.
This secured card, however, does require a minimum $200 security deposit to open, and an annual $35 fee.
Capital One Platinum Secured Credit Card
If you can afford to pay this card off every month, this is the one for you.
It offers zero annual fees and minimum security deposits of $49, $99 or $200, based on scores.
Although this card calls for a $75 annual fee, it may still be worth your while. It offers 1% cash back on purchases like eligible gas, groceries, internet and cable bills.