Mark Clayborne

First Time Credit -Killer Tips To Using a Secured Credit Card When Building First Time Credit



Posted: Sunday, January 09, 2011

by Mark Clayborne
Mark Clayborne

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 shoppoing for a card. Now that you are empowered with more education, go out there and build a new credit file.
Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. Show me how to Improve My Credit Click Here and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com
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