Secured Credit Cards

Secured Credit Cards

Secured credit cards are a terrific option for establishing or rebuilding your credit history. Generally accepted wherever major credit cards are accepted, secured cards are easy to get, even if you have bad credit or no credit history. Making your payments on time will help to build a positive credit reference. Payment history makes up 35% of your credit score, so on-time payments will help you build higher credit.

Tips and Advice

What is a Secured Card?
Establishing good credit with no or bad credit history can seem impossible, but a secured credit card can help you build a strong credit foundation if managed responsibly.

Secured credit cards vary from traditional credit cards in that they require you to put down a security deposit. The deposit serves as collateral in the event that you cannot make the payment, and is generally equal to your credit limit. So, if you put down a security deposit of $200, your credit limit would be $200. Each secured card may come with different fees, maintenance costs or interest rates, so compare and read the complete details.

Your payment activity and account information will be reported to the three credit bureaus so it’s important to make payments on time and avoid using too much of your available credit.