First Time Credit -killer Tips To Using A Secured Credit Card When Building First Time Credit

Secured credit card and using it responsibly is an excellent way to build creditor's

trust in your ability to use new credit, so that eventually, you can get an unsecured card. With a secured credit card, the companies require cardholders to secure their credit purchases by depositing a certain amount of money as collateral. That way, if you don't pay your secured credit card, the bank can get repaid by withdrawing the money you owe from the deposit you provided. These cards can be used the same way as an unsecured card, except that your money secures them.

The good thing about these cards is that no one knows that the card is secured. The downfall to these cards is that they usually come with high interest rates, over the limit fees, late fees, annual fees, start up fees, cash advance fees, and maintenance fees. This is the credit card company"s way of encouraging you to pay in order to build your credit. Once you have reviewed your credit report and are ready to sign up for a secure card, consider the following questions:

First time card questions

" Does your company report to all three credit bureaus?

" When will I qualify for an unsecured line of credit?

" What are your credit card fees?

First time card tips - What is the best way to find secured cards?

" Talk with your major local banks and credit unions.

" Bankcard Holders of America at 524 Branch Dr. Salem, VA 24153

" Creditcards.com

" Creditcardscenter.com

" E-wisdom.com

" Lowermybills.com

" Banrate.com

" Cardrating.com

First time card tips - Banks known to issue secured cards with low limits

" Capitol One

" Orchard Bank

" New Millennium Bank

" First Premier bank

Concluding, secured credit cards can be very helpful with establishing first time credit and rebuilding credit. Do not forget to take your time when shopping for a card. Now that you are empowered with more education, go out there and build a new credit file.

by: Mark Clayborne

POST COMMENT

Increase Credit Score - 4 Killer Tips To An Increase Credit Score My Husband Had An Affair And Now I'm Worried He No Longer Finds Me Attractive: Tips That Might Help Tips On How To Permanently Delete Net Record How To Increase My Credit Score- 5 Sure Fire Tips To Increase Your Credit Score How To Stop Humming In Ears - Tips to Help Cure Buzzing Ear Problems Top Tips For Choosing the Perfect Hair Salon Tips On How To Improve Your Credit Score Swiftly And Effectively Using These Actions How To Get a Guy: Flirting Tips Feng Shui Tips For Everyone Link Building And Five Helpful Tips Currency Trading Tips The 8 Key Tips For Putting Forth A Winning JV Offer Worried About Falling In The Shower? 5 Must-know Tips For A Safer Shower