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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.
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