Credit Cards — Credit Repair Cards
If you are looking for credit cards that can repair your credit score see the best ones here – Credit Builder Credit Cards.
Credit repair cards, are intended for people who wish to rebuild their credit score, or build a credit history from scratch.
Although they work in the same way as some other credit cards do, there are three major differences between a credit repair card and a standard credit card:
- The credit limit on a credit repair card is usually lower than it would be on a standard credit card
- The interest rate can be considerably higher
- Most card issuers insist that the balance on the card is paid off in full, every month
To prove that the card holder can manage the card correctly, some card issuers adopt a cautious approach to start with. The card holder is given a low credit limit which is increased only when they can show that they are able to manage the arrangement correctly and reliably. As time goes by, the interest rate on the card may be reduced and the card holder’s credit score might also begin to improve.
Certain credit repair card issuers are more selective than others. For example, someone who has consistently missed payments, had a CCJ in the past 12 months, or has no credit history in the UK, is unlikely to be accepted for any of the most popular or desirable credit repair cards.
Ready to repair your credit? – See all the latest Credit Builder credit cards here.
More easy to understand explanations you may like:
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