NO CREDIT HISTORY? NO PROBLEM WITH SECURED CREDIT CARDS!
As their names imply, secured credit cards come with security deposit requirements. They serve two important purposes – to guarantee the repayment of your future credit card charges and to determine the spending limit or cap that will be imposed on your account. By sticking to your monthly bills, you can improve you chances of eventually qualifying for an unsecured credit card account.
HOW TO SELECT THE RIGHT SECURED CREDIT CARD FOR YOU?
See to it that your chosen card issuer submits timely reports of cardholder activities to the three major credit bureaus. That’s because not all firms do this. Good thing that the banks and credit card firms listed below work closely with Equifax, Experian and TransUnion to help consumers jumpstart and rebuild their credit history. You should also look for a program that offers periodic credit increases, for you to enjoy higher spending limits, later on.
OUR SECURED CREDIT CARD SPONSORED OFFERS:
- Start building credit with all three credit bureaus with the secured Self Visa® Credit Card.
- Apply Now: Intro No Annual Fee with the secured Self Visa® Credit Card^
- No credit check
- No hard inquiry
- $100 minimum security deposit*
*Qualification for the secured Self Visa® Credit Card is based on meeting eligibility requirements, including income and expense requirements and establishment of security interest. Criteria Subject to change.
The secured Self Visa® Credit Card is issued by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC.
^$0 annual fee for the first year only, $25 annual fee thereafter. Variable APR of 27.49% Offer valid for new customers only.
| Credit Line | Regular APR | Minimum Deposit | Annual Fee | Credit Recommended |
|---|---|---|---|---|
|
Starts at $100 and is equal to your deposit |
27.49% Variable |
$100 minimum security deposit* |
Intro – $0 ($25 Annual Fee after the first year.) |
None/Poor |
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Advertiser Disclosure: See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Now ” button you can review the credit card terms and conditions on the credit card issuer’s web site.
PRACTICAL SUGGESTIONS FOR JUMPSTARTING OR REBUILDING YOUR CREDIT HISTORY WITH A SECURED CREDIT CARD
- Look for firms that submit monthly reports of consumer credit and payment activities to the three major credit bureaus.
- Remember that the security deposit will determine the limit that will be imposed on your card program. So if you want to avail a higher spenfing limit, you should deposit a big amount to your choosen bank.
- Use at most 30% of your spending limit. That way, you can keep your debt-to-limit ratio low, which will in turn help you maintain an excellent credit history.
- Keep up with your secured credit card bills, by submitting complete and prudent payments to your card issuer. Always remember that responsible credit habits can help you maintain an excellent credit standing and avoid making huge payments on interest.
- Make it a habit to check your credit report, at least every six months. That way, you can be sure that your files will only contain accurate records of your credit and payment activities.
- Apply for a secured credit card program that offers automatic upgrade to an unsecured account after 12 months of consistent payments. That way, you can enjoy a much higher credit limit, in the coming months.
- Just remember that the best way to jumpstart rebuild your credit history is to simply settle your secured credit card charges in full and on-time, each month. And see to it that you won’t go overboard with your credit card charges or else you will fail in your quest to establish or regain an excellent credit reputation.