Rebuilding Bad Credit

Below are the best secured and unsecured credit cards for people with bad credit and poor credit. For a comparison, the average rate on business loans from relatives and friends is currently at 7.6 percent, according to CircleLending’s Business Private Loan Index, whereas the rate was more than 12 percent at Accion and more than 20 percent at Prosper for individuals with poor credit.

Keep in mind: Because car loans involve less money over a shorter period of time – and an auto is easier to repossess than a home – the same credit score that might have put you in a subprime mortgage loan could bring you a prime or near-prime auto loan.

Just changing one of these components of your spending behavior can positively affect your credit score. That means opening accounts frequently, running up your balances, and paying on time or not at all can impact your …