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When used responsibly, a credit card can demonstrate positive financial habits and improve your credit score. Use this guide to understand how a credit card can help you build your credit score.
Your credit report includes details of the financial products you apply for or use over the course of your life. This includes credit cards, loans and mortgages. If you have a credit card, the following details will be included in your credit report:
Keep in mind that these are just some of the details listed on your credit history. You can learn more about what else is included with our guide to understanding your credit report.
Building your credit score can be a challenge. But it can be done with helpful tools such as a credit-building credit card. If you already have one, you may have to adjust your spending habits. Other steps you should take are:
There are a few different credit cards that may help you build your credit:
A secured credit card acts like a normal credit card, except you have to pay a safety deposit first. Your deposit becomes your credit line. With responsible use, some banks will upgrade you to an unsecured credit card. If you’re building your credit, this may be a good first step toward rebuilding your financial health.
You can rebuild your credit using a credit card, but you have to take some steps, including making payments on time, keeping an eye on credit utilization, keeping your existing cards open and adjusting your credit card spending.
You can also consider using a secured credit card, which can help you build your credit — especially if you can’t get another card.
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