OAK HILL, WV (WOAY) – Over the past year many people have struggled due to the pandemic, and some may have seen a decrease in their credit score.
Those with low credit scores typically have fewer credit options, and making large-scale purchases becomes more difficult. But there are some cards designed for people who are close to rock bottom.
Nathan Grant with Credit Card Insider, a consumer education company, tells WOAY that secured credit cards use a security deposit with their lenders, and can potentially help people with low credit scores.
“One of the most successful ways to start building credit again is by using what are called secured credit cards,” Grant said. “Basically by you putting down that security deposit as the credit line, it’s kind of mitigating some of the risk that creditors take on.”
Those with low credit can always start the climb back up as they establish new lines of credit and pay it back responsibly.