Mistakes can happen. However, if you have ever missed a payment, defaulted on a loan or simply have too much debt, this could greatly impact your credit score. Your credit score is the number calculated from several different criteria. Credit utilization, payment history, and delinquencies will all factor into your credit score. A lower score could affect your ability to apply for new credit, purchase or rent property, or even obtain a job.
Although it is very easy to lower your score, rebuilding your credit takes some time. You will need to pay down your debt, settle any delinquent accounts, and always make sure to make your payments on time each month. In the meantime, obtaining credit can be a major challenge. There are credit cards for bad credit out there, but some are better than others. Here are several things to keep in mind:
OneUnited Bank’s UNITY Visa is a Visa credit card, so you can use it anywhere that accepts Visa. It has a fixed APR that is lower than many of the other secured credit cards out there. UNITY Visa cardholders are also eligible to review OneUnited’s How to Rebuild Credit program, so they can solidify their credit for good. If you are looking for a credit card for bad credit, the UNITY Visa is a great option. Contact us today to learn more.