Don’t Overlook That Secured Credit Card!
Starting over can be hard. Actually, getting started can be hard too. However, no matter how hard it seems, it is quite possible to reach any and all of your financial goals in good time. You don’t have to think that you won’t succeed. The truth is that a lot of people worry about building a great financial future because they feel that there’s no way that they will be able to take the steps that need to be taken in order to reach that future.
Yet the beginnings of the future that you want can be found in a single tool: a secured credit card. Now, a lot of financial circles debate about whether or not the secured credit card even has a place in the world of credit repair, but the truth is that secured credit cards are much more beneficial than you think. Let’s cover just why they’re so good.
First and foremost, secured credit cards are disliked because you have to pony up some cash. Generally speaking, it’s done in a 1:1 format. For example, if you wanted a credit card with a $250 credit line, you will need to put up $250. This is the same for higher credit card limits — if you have the ability to repay that credit line and you can put up the money, and then you will be able to get a secured card very easily. After all, it’s your money that’s going to be opening up the account. Given that point, it wouldn’t make sense for any credit card company to give you a secured card. Now, you might wonder what happens to the money. It goes into an escrow account that’s held onto until a certain amount of time passes. Then you get your money back, and you can possibly have the card converted to an unsecured credit card. When it comes to your credit, you really want an unsecured card. That way, you don’t have to give up cash that could be used in a variety of different applications — or invested for the future, which is always a good idea.
Instead of trying to get a secured card from the bank down the street, you might want to think about getting your credit card online. This will give you the best chances of getting a secured card with a nice rate, rather than having to put down not only a large deposit but also having to pay a higher interest rate.
Yet that isn’t the only reason why you want to use the Internet to look for the best secured credit card. You want to make sure that the card actually reports to all three credit bureaus. Now, you will find that a lot of cards report to one bureau, but not all of the others. This creates a troublesome problem that needs to be corrected as soon as you can. You need to just make sure that the card reports to all three credit bureaus. If you’re not sure, then you will need to make a quick phone call to the company and get your questions answered. If no one will answer your question, then you want to go with another company — that’s really all there is to it, so why not apply for a secured card today?