choosing the best secured credit card
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Secured Credit Cards
Secured Credit CardsSecured credit cards are ideally great for people who have a bad credit, no credit, or were in a recent bankruptcy since it gives them the opportunity to build on improving their credit scores thereby, giving them a new credit line. For creditors, a new credit line is a signal that someone is deemed creditworthy.
Secured Credit CardsIn order to be able to get a secured credit card, the issuing bank usually asks for a security deposit ranging from $200 to $1000 depending on your credit limit which can be returned to the credit card user within a year or two. This is so because banks use this as a form of protection in case you can’t pay the balance.
Benefit Of A Secured Credit Card
Guaranteed approval -
No credit checks
Benefits Of A Secured Credit Card Shows reliability -Timely payments to your bank shows that the risk of lending to you is small and that you are now financially capable to handle loans. Make sure however, that your credit card payments are reported to all 3 credit bureaus to help bring up your credit score.
Features To Look For In A Secured Credit Card
Check the APRLike with any credit cards always do your research and settle for one that gives the best interest rate.
Features To Look For In A Secured Credit Card
Read the fine printLook at the fees banks charge for late payments or for even reporting to credit reporting agencies.
Features To Look For In A Secured Credit Card
Increase your credit limitBy increasing your credit limit, you are giving yourself an opportunity to qualify for bigger loans and credit lines.
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