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Credit Card Debt Relief

Saturday, February 11, 2012

Secure Credit Cards For Bad Credit

Secure Credit Cards for Improving Bad Credit

No need to be ashamed of yourself if you should have bad credit. In these dire economic times, bad credit is the new pink. However, this is not the time to be complacent! It’s time to rebuild your credit because credit is one of your most important assets. The good news is that there is no such thing as permanent bad credit.

Just what are secure credit cards?

Secure credit cards are a good option if you have poor or bad credit. They’re cards targeted towards people with bad credit that are good for building positive credit. Some cards require annual fees. Some require money deposits to generate a credit line. Some check your credit first.

Many with bad credit resort to using cash only, but these payments go unreported to your credit agencies, keeping your credit in poor standing. Thus, it’s wise to seriously consider a secure credit card.

All secure credit cards are not created equal. As with credit cards, it’s important to compare the offers. There’s also some things to keep in mind when choosing the best card for you:
  • Credit Bureau Reporting: Make sure they report to all 3 credit bureaus. Use a card that doesn’t report to the bureaus as a secure credit card as that may reflect poorly on your credit score.
  • Deposits & Credit Lines: Some credit cards offer lines that are only going to be as large as your deposits. Compare the terms for credit. It’s not about obtaining large amounts of credit but establishing good credit.
  • APRs: The lower amounts of interest, the better. If there’s an intro 0% APR period, then that’s even better, considering it’s a secured credit card.
  • Credit Checks: This may not necessarily be a bad thing. However, if your have poor credit, an inquiry may affect it in a negative way. Some offers boast that they do not check your credit, whilst some do. Just be aware!
  • Compare: Compare, compare, compare. Check out Bankrate.com to compare secure credit card offerings.

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