Boost your credit score with a credit builder card.
This is a type of credit card aimed at people with poor or thin credit, or for those who have been refused credit in the past. They tend to have lower, more manageable limits – but also often have a higher interest rate than most mainstream credit cards.
These cards can help you build (or rebuild) your credit score by showing you can borrow responsibly. You’ll need to make the repayments on time, each month, and stay within your credit limit to build up your score over time. Remember, not doing so can harm it further.
If you have a less-than-perfect credit score or a thin credit history, using a credit builder card can help you access funds. This might be if you have:
There are several reasons why you may have a poor credit score, including missed or late payments in the past. If used responsibly, a credit builder card can help to show lenders that you’re on top of your finances. It can also help to improve your credit score, putting you in a better position to borrow in the future.
If you haven’t borrowed much in the past, then you’ll have little-to-no credit history. This means that lenders can’t see how you manage your finances and are less likely to lend to you. Using a credit builder card to make small purchases and repaying the amount in full every month can help build a score for you.
There are several factors that can influence your credit history, so understanding what can impact your credit score will help you to identify potential issues.
You can check your credit score with the three main credit reference agencies at any time, or you can check your Equifax report for free (for life) with our member-only platform, CredAbility.
Add your name to household bills - to ensure your repayments are associated with your credit file.
Pay all bills on time, each month - as this shows lenders that you’re a responsible borrower.
Check for mistakes - checking your credit report regularly with all three credit reference agencies ensures you can correct any mistakes quickly.
Remove old financial ties - as any financial ties could have a negative impact on your credit score, if they have had financial difficulties themselves.
Space out credit applications - by using eligibility checkers first to see how likely you are to be accepted.
Using your credit builder card to make small purchases, and ensuring you make your monthly payments on time, every month can help improve your credit score. Remember, not doing so can harm it.
To apply for a credit card, follow our easy step-by-step process:
Find out if you’ll be accepted before you apply using QuickCheck
If it's a yes, go on to apply online with confidence
Once approved, you’ll receive your card in the post within 10 working days
You can learn more about Ocean on our about us page.