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Best credit cards to build credit

Feb 22, 2013 Walt Wojciechowski

Best credit cards to build credit

Following financial best practices is widely known as the key to maintaining a positive credit score. This number can be the deciding factor in whether or not a person can open a new line of credit, get a traditional loan and enjoy other positive economic benefits.

According to US News, there are certain credit cards that can help individuals bolster there scores, even after a large blunder has wounded them. For example, the source recommended the Citi Secured MasterCard, because it offers access to a CD savings account that currently carries a 1.01 percentage yield. Moreover, the high interest rate encourages users not to miss payments. The same goes for the Capital One Secured MasterCard, which also carries a low yearly fee and includes access to a credit monitoring program.

Sometimes, however, consumers cannot simply use a new card to wipe away multiple financial errors that have adversely affected their credit score. In this case, creating a Payment Reporting Builds Credit score may be the best course of action. By allowing consumer credit bureaus access to payment histories of utilities accounts, the agencies can build a positive score based on evidence of steady payments.