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Secured credit cards from the below specialized banks can help build or rebuild credit history. These cards should be thought of as a bridge to get to the rewards credit cards offered for those consumers with credit scores > 670.
FICO score ranges break down
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- Excellent credit: 800 – 850
- Very Good credit: 740 – 799
- Good credit: 670 – 739
- Fair credit: 580 – 669
- Poor credit: 300 – 579
What is the difference between a secured credit card and an unsecured credit card?
For the secured cards, the card-issuing bank holds the security deposit (equal to your credit limit) to offset any credit losses in case you don’t pay your bill; you do get your deposit back when you close the account in good standing.
Generally, unsecured credit cards do not require any deposit and are usually offered for individuals with credit scores >670. Some banks do offer unsecured credit cards with small credit limits and a high annual fee for credit scores below <670.
Eventually once your credit score reaches 670+, you will want to close the secured cards to recoup your deposit (or close the unsecured cards for bad credit to stop paying the high annual fees).
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The quicker you begin the process, the faster you will begin to see results
In 3 easy steps, take advantage of the quick and hassle free applications listed here:
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Finish the application in one sitting and get approved
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Use your ATM card to fund your refundable deposit (for secured cards only)
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Receive your credit card in a few days and start building your credit history
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Important point to remember is that regardless of which credit card you use, you should pay your monthly balance on time, pay in full to avoid interest charges, and keep your utilization rate (balance outstanding/total card limit) to under 30%. This means for a $300 limit card, spend no more than $90 a month on your card.
If you are interested in loan options for all credit scores instead (including receiving cash within one business day), please click here.
Click here to learn how to save for a secured card deposit (or for any other purpose) with FDIC insured market leading high yield savings accounts
How Long Does It Take to Build Good Credit?
Building good credit takes time and depends on your financial habits. Here’s a breakdown to help you understand the timeline:
1. Why Does Credit History Matter?
Your credit history makes up about 15% of your FICO score. A longer history gives lenders more information about how you’ve managed debt, such as making payments on time and keeping balances low.
2. How Long to Establish a Fair Credit Score?
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If you’re starting with no credit, you can achieve a fair credit score (600–699) in 1 to 2 years.
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Key habits to follow:
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Pay bills on time.
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Keep your credit utilization low (use less than 30% of your credit limit).
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Avoid unnecessary hard inquiries on your credit report.
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3. How Long to Build Good Credit?
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Moving from fair credit to good credit (700–749) usually takes a few more years.
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Maintaining responsible credit behavior, such as paying on time and managing debt wisely, is essential.
4. How Long to Reach Excellent Credit?
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Achieving an excellent credit score (750 and above) is a long-term goal.
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It typically requires 5–10 years of consistently good habits like:
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Making on-time payments.
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Managing various types of credit (e.g., credit cards, loans).
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Keeping balances low.
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5. What Else Should I Keep in Mind?
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Credit-building timelines vary based on individual circumstances.
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Focus on building good financial habits, such as consistent payments and responsible credit use.
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Your credit score is a snapshot of your financial behavior at a given time, and it will evolve as new information is added to your credit report.
By sticking to these principles, you’ll steadily improve your credit over time.
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