Is the economy turning around? Is the credit crunch over?
Last December we saw at least 40 credit cards stop accepting applications. After a 4 month dry spell we are starting to see new credit cards out on the market. The first new credit card that I’ve seen since Dec 08 is the OpenSky® Secured Visa® Credit Card
This secured credit card has a few really great features that include:
- Build Your Credit, with monthly updates to all 3 credit bureaus
Secured credit cards are a great way to build or rebuild credit and this one has it all! Low interest rate, low minimum deposit, reports to all 3 major credit bureaus and most importantly in my mind is that you can have a truly large credit limit with this card. Why is that such a key feature? Banks are looking for comparable credit. Most bad credit or first credit unsecured credit cards have very low limits and when you walk into a bank and ask them for a large loan, they will look at your comparable credit. With this card you can create your own comparable credit tradeline!
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, pre paid credit cards and prepaid cell phone service can save you big money!