Bank Secured Credit Card
If you have bad,or no credit at all, then finding out that you can actually be approved for a credit card could make you feel very good right now,and it could be the start that you need to build or rebuild your credit.Credit solutions are available for just about anyone.If you are looking for a way to get back in the credit world, then a great way to start would be to apply for a Bank Secured Credit Card.Usually,with a secured card,getting approved is quite simple as long as you have the income to be able to pay the deposit and fees involved and the ability to pay the monthly payments when you use the card.This is how a bank secured credit card works.
All you have to do is apply for a card online or in person at any local bank of you choice, but usually the local banks will want a mucher larger secured deposit. A cash deposit or some form of collateral will be expected of you to fund the secured limit that you are applying for. There will more than likely be fees involved besides the deposit,such as an application fee and annual fees.Once the deposit and fees are satisfied then you will recieve your credit card in the mail.As soon as you get your card you will be required to activate the card by calling the number on a sticker placed on your card.It will be ready to use after it is activated and will be just like a regular credit card,no one will know that it is a secured card.If used properly and paid on time each month and if you try to pay more than the minimum payments due,then you will start rebuilding your credit and rating quite rapidly.I started with a 300 dollar secured card and they periodically reviewed my account and gave me credit limit increases and after one year they refunded my deposit.At this point the card became unsecured and that helped my credit score even more.After a couple of years my limit was about six thousand dollars.I went from a three hundred secured limit to a six thousand dollar unsecured credit limit just by doing what you are supposed to do,which is pay on time and occasionally pay the loan in full.
At first you may wonder if the fees will be worth it,but if you want your credit to get back on track then this may be something worth investing in. After all,what other options do you have. You can keep going living your life with bad credit or take action and start improving your credit situation.
Most people end up with bad credit due to lack of work or other unforeseen cicumstances, like the current recession that we are in.Regardless,it is never a good feeling to be without a credit card,even if you only use it for some very needed dire necessities. I am not saying that everyone should rush out and get a bank secured credit card, but I know that I am glad that I did years ago and i am sure that my bank is glad too. If you think that you could benefit from a secured card then I encourage you to look at some of the ads surrounding this article or just type in bank secured credit card in the search box.