Yes, it’s possible to rebuild a credit with a help of credit card. Credit card holders must make on-time payments and repay more than just a minimum payment monthly. It’s important to reconsider spending habits and give up on spending more than a charge on credit card.
One of the best ways to improve credit is to apply for secured credit card. Such cards require a security deposit. Otherwise, it’s impossible to be approved. The bank or other financial institution will hold the deposit that is equal to the credit limit during the period when the account is active.
If the client defaults on credit card payment, the deposit can be used. Such cards are good at rebuilding the credit as both sides are secured from default.
Check credit card minimum payment.
One of the most beneficial variants are BankAmericard® Secured Credit Card with APR 20.49%, Citi® Secured MasterCard® with APR 22.24% and others.
A prepaid credit card is also a good variant but it requires a card holder to preload money on the account.
There are also other variants that don’t require a deposit. Still, they usually have low approval requirements and lower possibility of rebuilding a credit.
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