Why secured credit cards will help you.
Secured credit cards can be the quickest road to establishing credit or repairing your credit report. With the current economic meltdown in our financial sector there will be more and more families plagued with bad credit due to financial strain. Once this recession that no one wants to admit we are in is over; everyone that has suffered credit wise will start the credit rebuilding process. It will be hard for most to get un-secured credit cards so they will have to get secured credit cards to rebuild. In this article I wanted to discuss how secured credit cards will benefit you.
What is a secured credit card?
A secured credit card is a credit card that requires a deposit from you in a account of the credit card companies choice to secure the card. The cost to you is typically between $200.00 and $300.00. Once you deposit this money in the account the credit card company will report this card to all 3 credit bureaus as good credit. You want to make sure you keep your credit card balance around 30% or less of the secured credit amount.
Who should get a secured credit card?
Here are the individuals that should apply for a secured credit card
• Foreign Nationals
• Individuals with bad credit
• Young adults starting the credit building process
• Students or apply for a student credit card.
• Or anyone that has not built credit at all.
Secure credit cards are the quickest way to get your credit established. Depending on your circumstances, if you have decent credit scores you may go ahead and apply for a un-secured credit card. With the way the credit scoring process currently works you will need to have at least a couple credit cards reporting in your name to all 3 credit bureaus. Secured credit cards are a great way to start the credit building process. We recommend the Orchard Bank Credit Card, which has reasonable fees to get there card.
CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and free credit repair advice.
What is a secured credit card?
A secured credit card is a credit card that requires a deposit from you in a account of the credit card companies choice to secure the card. The cost to you is typically between $200.00 and $300.00. Once you deposit this money in the account the credit card company will report this card to all 3 credit bureaus as good credit. You want to make sure you keep your credit card balance around 30% or less of the secured credit amount.
Who should get a secured credit card?
Here are the individuals that should apply for a secured credit card
• Foreign Nationals
• Individuals with bad credit
• Young adults starting the credit building process
• Students or apply for a student credit card.
• Or anyone that has not built credit at all.
Secure credit cards are the quickest way to get your credit established. Depending on your circumstances, if you have decent credit scores you may go ahead and apply for a un-secured credit card. With the way the credit scoring process currently works you will need to have at least a couple credit cards reporting in your name to all 3 credit bureaus. Secured credit cards are a great way to start the credit building process. We recommend the Orchard Bank Credit Card, which has reasonable fees to get there card.
CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and free credit repair advice.
Labels: secured credit cards, student credit cards
posted by my720fico at
3:49 PM
2 Comments:
Hi there,
I quite liked your post on secured credit card for individuals.I have also started blogging of late.My blog is on personal finance and the resource from your site was quite helpful for me to know the basics of credit.I too have a site on credit,feel free to visit my site http://www.creditmagic.org
as your feedback to improve my site will be valuable to me.
By
Aisha, At
October 1, 2008 11:54 PM
I believe that secured credit cards will become more popular in the coming year with the tightening of credit.
At Fidelity One, we offer a secured credit card with a twist. Instead of having to deposit money into a bank account, you can receive a secured line of credit by using your car title as collateral. This is not a title loan with a fixed repayment rate but a secured credit card with the ability to repay the amount financed over time as you would a regular credit card.
To find out more, check us out at www.fidelityone.com
By
fidelityone, At
October 2, 2008 2:48 PM
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