How to Find a Secured Credit Card

You can use a secured credit card to start building your credit history and safely boost your credit score.

One of the safest and easiest ways to get used to using credit is with a secured credit card. Secured credit cards allow you to borrow up to a certain amount that you have deposited with the bank as security. So, if you have deposited $400 on your secured credit card, that may be how much you are allowed to charge. If you manage your secured credit card well, the bank may choose to add to your limit without requesting additional deposits.

Secured credit cards are a good way to start building your credit history. Your credit score is partially based on the length of your credit history, so by establishing a history with a secured credit card, you can boost your credit score without running a high risk of default.

One of the best places to look for a secured credit card is a bank where you have an account. This can make balance transfers very easy to do online, and if you ever have any questions, a representative of your bank can explain how things work. You may also be eligible to get a secured credit card through a credit union.

Related Life123 Articles

An essential part of winning the overall war of personal finance is to manage and eliminate credit card debt. Managing and eliminating credit card debt means more than just making your minimum payments on time. Your goal should be to minimize debt and maximize available credit, so it's there when you need it.

Credit card balance transfers can seem awfully enticing when you're sitting on a load of debt and a high interest rate. Here's what you need to know to win at the transfer game.

Frequently Asked Questions on Ask.com
More Related Life123 Articles

Many people ask "can credit counseling hurt my credit?" if they are in financial trouble and see an advertisement for services that claim to help people in debt. Unfortunately, the truth about credit counseling and its impact on your finances isn't easy to pin down. Much of it depends on the type of credit counseling you choose.

If you're like many consumers with too much junk mail, you're probably wondering how to stop bad credit card offers. Luckily, there are ways to opt out.

Review the advantages and disadvantages of credit card debt settlement when you can no longer afford the minimum monthly payments on your credit cards and the balances, interest rate and various fees make it nearly impossible to make a dent.

© 2014 Life123, Inc. All rights reserved. An IAC Company