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The following article was published in our article directory on July 6, 2012.
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The Secured Credit Card and Damaged Credit

Article Category: Finances

Author Name: Rich Wisniewski

Most people end up with a ruined credit when they experience a financial difficulty. Having a damaged credit can make things hard for you to obtain a new one. Those credit mistakes you made in the past can be nearly impossible to live with, especially when your new creditors and lenders are reluctant to provide you with a second chance. And so, in order to reestablish your credit, but can not obtain a credit card, you only need to get a secured credit card.

The Secured Credit Card

The secured credit card is not that different from the regular credit card. It works just like the usual credit card but it requires you, the cardholder, to make a deposit against the credit limit of the account. The deposit is used by the creditor as a security in case you default on your payments.

Generally, secured credit cards have a credit limit of 50 % to 100 % of the deposit you make. For instance, if you make a $ 1000 deposit for the secured credit card, the credit limit will be between $ 500 and $ 1000.

More so, these type of credit cards normally have fees that regular credit cards do not have. These fees will include processing fees, application fees, and annual fees. Always be on the lookout for those cards with high fees since they can drastically decrease your deposit and eventually
your credit limit.

Taking Advantage of the Secured Credit

Damaged credit is the effect of having poor payment habits, most of the time. If you can not get credit through traditional methods, secured credit can greatly help you show improved habits in your payments. Since you can not prove a renewed capability to make payments on time until having a new credit card, having a secured credit card is a big help.

Before applying for one, you must guarantee that the creditor reports to all the three major bureaus for credit. Otherwise, the card would not be
useful in the issue of reestablishing your credit for the reason that future creditors would not have a process of looking at the history of your payment. Additionally, it would not be incorporated in your credit score or in your credit report.

If your application gets approved, always remember that your sole purpose for the card is to rebuild your damaged credit and eventually create a positive credit history. It is important not to use the card to incur debt and instead, use the card to buy small things that you can actually pay full in a month. Moreover, it is important not to charge any item that you can not afford to pay on the card.

Managing your secured credit card and establishing good habits in payment can help you move into an unsecured credit card. There are a number of credit card companies that allow a customer to switch to an unsecured credit card after the course of one to two years of timely payments. Even though you can not change your secured credit card, you can still submit an application for an unsecured one with another company.

Keep in mind not to repeatedly apply for credit cards after you have been denied of an application; this would only make you look desperate. What you can do instead is to continue to make your payments on time on your secured credit card and apply again after the
span of six months.

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