Consumers Opt for Credit Building Credit Cards to Improve Credit Score
News from Sacramento Bee:
LONDON, February 9, 2012 – /PRNewswire/ –
Tough economic conditions have taken a toll on many people’s finances. Many consumers have found themselves with reduced credit scores, as a result of tight budgets and have found difficulty in obtaining approval for a credit card. However, comparison websites, like comparethemarket.com, are finding that some consumers have chosen special ‘credit builder’ credit cards, as a good way to manage their money and increase their credit score over time through prudent management of their spending and account.
A ‘credit building’ credit card typically gives a greater likelihood of being accepted to people who have been refused other types of card. This includes newcomers to the credit card market and people with lower credit ratings.
Simon McCulloch, Director of Money at comparethemarket.com said: “‘Credit building’ credit cards can be a way to help increase your credit score if you regularly pay off your monthly balance and don’t exceed your credit limit.”
“However, ‘credit building’ credit cards may not be suitable for everyone so it’s worth taking the time to find the r…………… continues on Sacramento Bee