Improving one’s credit history is the only way to really increase a credit score in the long term. What typically hurts a credit score is missed payments or defaults on debt. However, many people who have made financial mistakes in the past often get on a firm financial ground and want to improve their credit score.
The problem with this type of situation is buying or borrowing on credit often comes with a high interest rate, which can cause trouble down the road for many people looking to improve their credit score.
There are though, options like a secured credit card that can help anyone with a low credit score, improve their credit history without being subject to a high interest rate. Secured credit cards work just like any other credit card, only they are backed by a bank account in which funds are deposited to secure, and often, set the limit on a credit card.
Buying with a secured credit card, will be best done, by saving money and making purchases that are either necessary or purchases in which you have the money saved before you make the charge.
It will take time, but using a secured credit card to improve your credit history and raise your credit score is going to be beneficial in the long run. While it may not be easy and will require some saving and sacrifice, a secured credit card can be a valuable asset in combating a low credit score.