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How do I: Get secured credit cards?

By Jessica Seubert • Bankrate.com

Topic: Credit cards
Who is affected: CONSUMERS AT EVERY STAGE OF LIFE
DEGREE OF DIFFICULTY: Easy
What you'll need: starting deposit between $300 and $500

What you need to know

With a secured card, you place a deposit with the lender and are allowed to make charges up to the amount of the deposit. Secured cards work like any other credit cards, allowing you to charge purchases and to either make minimum payments or pay off the entire balance.

The best thing about a secured credit card is that it helps you either build or rebuild your credit. However, you must make sure the company supplying the card reports to major credit bureaus. After about a year of paying on time and reporting to the credit bureaus, most companies will extend an offer to get an unsecured card.

Be careful when shopping for a secured card. Some companies take advantage of people in this situation and may charge unnecessary extra fees.

To find a reputable lender, search through Bankrate's list of secured credit card issuers.

Step-by-step
Not sure about your credit score? Check out the FICO Score Estimator.
  1. 10 questions before getting a secured credit card
  2. Using a secured credit card to establish good credit
  3. Use secured card to boost credit
  4. Bad credit doesn't mean no credit
  5. Will secured cards help build credit?
  6. Secured card helps build credit history
  7. Rebuild finances with secured credit card
  8. Best ways to establish credit
  1. Estimate your credit score
  2. Work sheet: comparing credit cards
  3. How to read a credit report
  4. Secured cards harder to get
  5. Credit card debt calculator
  6. Debt payoff calculator
A secured card is meant to help build good credit. Do not carry a balance, as it likely will lead to more credit troubles down the line.
Do not keep a secured card longer than needed. Once a lender offers you unsecured credit, take it. Secured cards have fees and high interest rates and should only be used as a starting point.

 

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Posted: Dec. 1, 2008
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