Choosing A Secured Credit Card
Tuesday June 26, 2007
Having a bad credit history or no credit history at all can lead to denied credit card applications. When this happens, a secured credit card is an option.
Since you have to pay a deposit for a secured credit card, there is an added degree of responsibility on the part of the cardholder. If you want to get your deposit back, you'll have to pay your credit card bill on time. This "incentive" can help build the good credit habits that allow you to move from a secured to an unsecured credit card.
Before you apply for a secured credit card, make sure you get pertinent information about the card such as the cost, deposit required, and credit bureau reporting.
Since you have to pay a deposit for a secured credit card, there is an added degree of responsibility on the part of the cardholder. If you want to get your deposit back, you'll have to pay your credit card bill on time. This "incentive" can help build the good credit habits that allow you to move from a secured to an unsecured credit card.
Before you apply for a secured credit card, make sure you get pertinent information about the card such as the cost, deposit required, and credit bureau reporting.
Comments
One of the best secured credit cards that I have seen is the one from Orchard Bank. Their fees are not quite as exorbitant as many of the other cards I found when searching.
Another alternative if you HAVE to have a credit card would be a prepaid one. This way you stay out of debt.