- Designed for people who want to establish or build a credit history
- Give access to a credit line to use
- Payments report to major credit bureaus
- You typically need to deposit cash as collateral for your credit limit (commonly from $200 to $2000)
About Secured Credit Cards For Bad Credit, Definitions, And How To Apply
Hello and Today you will learn about secured credit cards, how they can help, and where you can apply for one.
Have you been refused a credit card in the past?
CreditCardBroker.com has a possible solution for you!
Apply for a secured credit card.
About Secured Cards:
About Secured Cards Continued:
- Most secured cards will have an annual fee, possibly other fees
- APR’s will be higher than an unsecured card
- Commonly your credit limit is what you deposit as collateral
- Be sure to read the terms and conditions
Typical requirements to obtain a secured card:
- You need the ability to make minimum payments so your income should be more than expenses.
- You need proper identification
- Past bankruptcies must be discharged
Tips once you get a secured card:
- Show the bank you can responsibly own a credit card!
- NEVER make a late payment
- Pay your bill on time each month
- Pay your balance in full OR pay more than your minimum payment each month.
- Never charge more than 10% of your total credit limit.
When applying for a secured card:
- Have your bank account information handy so you can deposit your money with the bank.
- Be sure to set 15 minutes aside to fill out the online application
- Have are your personal information handy
- Be sure it reports to all 3 credit bureaus
How long should I keep a secured credit card?
Keep your card active as long as possible. Closing an account can potentially reduce creditworthiness.
I was refused a secured card. Any other options?
- You do have other options.
- Ask a friend or family member if they can make you an “authorized user” on their account.
- There are no requirements to qualify and you will build a credit history with each on-time monthly payment. (Bank must be reporting)
- Get a cosigner.
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If you are interested in applying for a secured credit card, we have some offers for you to review on our website, CreditCardBroker.com!
Where can I apply for a secured credit card?
Visit: CreditCardBroker.com/securedcards and apply online today!