Secured Credit CardsLet's face it — no one is perfect.
If you are like many Americans, you may have fallen into the trap of having a lot of debt, a big mortgage and high monthly bills. You may have missed some payments and gotten behind on a loan or two. And now the three big credit reporting agencies are scoring you as someone who is a credit risk.
Repairing your credit rating is not impossible. You can do it, but it's going to take some time. But in the meantime, you have to get on with day to day living, and one thing everyone needs to have in their wallet is a working credit card.
But obtaining another credit card may prove to be difficult with so few lenders currently willing to accept new account holders with below-average credit. Sure, some companies may offer you a high interest card or a low balance credit card, but both of these type of programs carry the risk of you incurring even more debt.
One of the best ways to get the convenience of a credit card, while at the same time improving your credit score, is by carefully using a secured credit card. This kind of card works similar to a prepaid card and ensures both the user and lender that overspending will not occur. All you do is deposit funds from your bank account into the card account and the card works anywhere and everywhere a typical unsecured card works.
You can decide how much you wish to spend each month and once those funds are depleted the card becomes inactive until you reload it again.
Secured credit cards are great for people who don't keep tabs on their monthly spending. Many card companies offer online access to your purchase history, this way you can monitor what you are spending.
A secured credit card is also perfect for helping teenagers or college students understand how to budget and use credit. Parents can reload funds into the account and the child has the freedom to use the card, but only up to the funded limit.
Whether you have sub-prime credit or simply want to manage your spending, secured credit cards can be a perfect way to not overspend and even improve your credit history.
Secured cards and be on your way to earning your brand new secured credit card you can use anywhere cards are accepted.
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