The Best Way To Get A Secured Credit Card
Before a decide to apply a secured credit card, I explain to you what is secured credit card.
The secured credit card is a credit card that the bank issues that gives them an interest in either your savings account or a certificate of deposit. It’s almost like a loan of your own money.
If you have no credit history or bad credit, a secured credit card can help increase your credit rating, in which you’ll be able to qualify for an auto loan, home loan or personal loan. It’s difficult to get a credit card with no credit history. And when you have recently filed bankruptcy, the average creditor will not approve your request for an unsecured credit card. Secured credit cards feature simple requirements, and most people qualify for these lines of credit.
After several attempt for credit cards and being denied, i recommended the secured credit card.and how to get a secured credit
card.I have debit cards and do well but a credit card is needed for car rental. What do you suggest?
Go to the bank where you have your checking/savings account. Ask them about obtaining a secured card. Steer clear of credit cards that charge a fee just for opening up an account.
You should go to the bank or credit union that you do business with, ask them if they have a secured credit card, if yes, then
deposit $300-$500 in the account. The bank may have a minimum requirement of $200-$300 for the savings account however they may
allow you to put more on deposit. Your credit limit will be related to the amount on deposit.
Use the card for small amounts each month, paying it off in full. IN a few months 6-8 see if you can convert the card to a
unsecured card. If not apply for a unsecured credit card. It takes 24 months of consistent on-time payments to establish your credit rating.