One of the best ways to build credit is by using a credit card responsibly. You can do this by making your minimum payments on time and keeping your balance low.
Can you spend more than your credit limit Vanquis?
While most credit cards for building credit are designed for consumers with good or excellent credit, there are some cards that can help you if you have bad credit. Among them are secured credit cards, which require you to make a refundable security deposit. If you use these cards responsibly, you can improve your credit to a point where you can upgrade them to unsecured credit cards without making a deposit.
Secured cards usually have a spending limit equal to your deposit, which means you’ll need to avoid overspending and make all your payments on time. Many card issuers offer a reassurance that they will refund your deposit if you don’t use the card responsibly, and some may also upgrade your account and refund your deposit if your credit score has improved.
Top secured credit cards
If you’re new to credit or have made mistakes in the past, a secured card can be a great way to start your journey toward good credit. But be sure to read the fine print closely. Some of these cards come with fees and high interest rates, and you won’t be able to fall back on a refundable security deposit if you miss payments.
