A person who needs to repair, or build up their credit, may want to look at signing up for one or more secured credit cards. With this type of card, a person makes a deposit and can then make charges up to that amount. One can charge purchases, and either pay off the balance or make minimum payments over time. The credit card holder, though, is responsible for ensuring the company that supplied the card reports it to the three major credit bureaus. There are five main things a person can do to find the best secured cards.
· The first thing to do is to check with a credit union. Many offer secured credit cards to members. Sometimes they also waive application and annual fees. They often offer low interest rates and additional options for rebuilding credit.
· The next way is to examine credit-card comparison websites. This is a good way to look at the good and bad points of the cards side-by-side and see which one is really best for each personal situation. A person can use what they learn to then research individual cards better.
· The third way to find the best secured credit cards is to look at how much a person should spend in fees and interest rates. Some available cards offer zero processing or application fees. A person should also choose an interest rate they are comfortable with to prevent potential problems later on.
· Another way is to look at the credit limit. The limits vary drastically by card, so it is important for a person to know what they sign up for ahead of time. A small credit limit could be a hindrance to one’s financial well being later on.
· Finally, in deciding on a card, look at the additional benefits that certain card issuers allow for. Some cards offer reward points while a person is building or repairing their credit. This can be a great tool in generating some potential money for the user. The benefits, again, vary by card so prepare to read the fine print and understand exactly what the credit card issuer offers.
Secured credit cards can really become beneficial to one’s financial future if they are willing to invest the time in doing some research ahead of time. Following these simple steps may just be the boost one needs to set the pace for improved credit for a lifetime.
If you want to get the best credit ever, get approved for your dream home, car and stop collectors from harassing you on a daily basis, then it’s time for you to take action. Check out Hidden Credit Repair Secrets -the book-Amazon’s Best Selling Credit Repair book. Mark Clayborne is Amazon’s best-selling author of “Hidden Credit Repair Secrets” and Radio host of the show “Who Else Wants Better Credit” on blog talk radio.
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