Secured credit cards are a great way to build or rebuild credit. Secured credit cards can be found in banks or online. Are you looking for tips that can help you obtain the secured credit card you need? If your answer to this question is yes, then we suggest that you pay close attention to the remainder of this article. In the succeeding paragraphs we have listed down three proven tips to help you apply for and the bad credit credit card you intend to use to rebuild your credit profile.
Helpful Tips for Credit Consumers
1. Apply only from credible sources. Card applicants are encouraged to deal only with credible and legitimate secured credit card companies and issuers. This way, they can protect themselves against cunning and fraudulent activities that scam artists employ to rip off consumers. Be aware that some companies call a merchandise card a secured card. They are not the same thing! A merchandise card can only be use to purchase items in a specific catalog or website. A secured credit card will have the visa or mastercard logo on it, and can be used anywhere Visa or mastercard are accepted.
To find reliable credit card companies and issuers, secured credit card applicants should perform their own investigation regarding the background of a prospective issuer. They should also spend a significant amount of time researching about the track record of the firms they intend to do business with. In so doing, they can distinguish reputable credit card issuers that can extend them the secured card accounts they need.
2. Ask for referrals. If you find it very difficult to locate card companies that would be willing to extend you a secured credit card account, then you might as well ask for referrals from your close friends, relatives or colleagues. You may also approach local professional such as a credit counselor for recommendation. After all, these people can point you to the direction of reputable issuers of bad credit credit card accounts that carry excellent payment terms and affordable rates of interest. This way, you can immediately apply for the secured account you need and soon work your way towards regaining your credibility as a borrower.
3. Shop and compare the terms imposed on various bad credit credit card programs. Consumers should also take their time comparing the terms and conditions imposed on different bad credit credit card programs. They need to carefully examine the rates of interest, fees and charges, payment arrangements and other features stipulated on the credit card agreement. In so doing, they can soon find secured credit card programs that will suit their personal preferences and most importantly, their financial capability.
Make sure that your chosen secured credit card will be able to assist you in rebuilding your credit score by reporting your regular payments to the three major credit bureaus. Aside from a low rate of interest look for a secured credit card that offers convenient features to help you stay away from bad credit.
About the Author
Tara Tiemann is a credit analyst for Go-prepaid.com which has been a resource site for people who want to live debt free. If you are on a budget using prepaid debit cards,prepaid credit cards and prepaid cell phone service can save you big money!