Secured Credit Cards - A Great Start to Establishing Good Credit [creditcardsbusiness]

Secured Credit Cards - A Great Start to Establishing Good Credit [creditcardsbusiness]

After bankruptcy, a person can start rebuilding their credit immediately by acquiring a credit card and paying off a small cash deposit to the credit card lender. Discover how to build a positive credit file withhelp from a registered financial consultant in this free video on money management and personal finance. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace. Filmmaker: Reel Media LLC

http://summershot.net/ Money Management : Building Credit After Bankruptcy

“Students should view their credit card as a way to build strong credit via minor purchases here and there and not as a way to extend their spending habits,” he says. Credit card: Co-signed. Co-signing should be an option only if the student can use a ... College students have credit card options

Secured credit cards are great way to manage your finances and to start improving your credit history. Plus, they are virtually a necessity these days if you ever want to travel, as most airlines, car rental companies and hotels REQUIRE a credit card to use their services. The problem is that finding companies that offer secure credit cards in this day and age can be a daunting task. The purpose of this article is to give you the inside "scoop" on finding these types of credit cards so you can be on your way to having the convenience and credit building benefits that come with them.

So just what is a secured credit card? When someone does not qualify for a "regular" credit card, either because of a poor credit history or because they have yet to establish credit, their best option is a secured one. "Secured" simply means that anything you charge on the credit card is backed by your own money, usually in your own bank account.

So, your credit line on these cards is based on how much you have in your account to back your charges on the card.

Sometimes local credit unions and banks offer these types of unsecured cards, but they are seeming to fade away, even despite the growing need in this tough economy where many people's credit is falling apart.

One thing to be aware of is unscrupulous companies that charge ridiculous fees and "no name" cards that can only be used in their catalogs to buy their merchandise. What you need is a secured Visa or MasterCard. These are the types that are accepted everywhere. These will give you the ease of use and the convenience and credit building qualities you are looking for.

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Question by thedramaqueen03: Just turned 18, what are good cards to establish credit? I want to establish credit but I continue to be turned down for credit cards (I have zero credit since I just turned 18). I've even gotten declined for departments stores, like the bonton and walmart. I'm still in high school, so I can't get the "college" student cards. Any ideas of good ones to try to get? I forgot to mention, my parents refuse to co-sign for anything for me, so I'm on my own with this one. I already have a job and a car, by the way. I will definitely pay my bills on time :-). I just need access to a credit card to start. I've already tried chase, american express, orchard, and department stores (such as sears, best buy, bonton, etc.). I'm just trying to find some other credit card companies that give cards to people with no credit. Thanks for any help! Best answer for Just turned 18, what are good cards to establish credit?:

Answer by Sane
The absolute worse thing you can do to establish credit is to get a credit card. When the time comes, you'll need to get a job, then you'll need to buy a car to get to that job. Thats a legitimate reason, and your parents or a family member should co-sign for you. Then you have a working loan and will be establishing credit the proper way.

Answer by Tommy W
You will most likely need to start off with a secured credit card to build a credit score with no credit.

Answer by B.B
try orchard bank, they have a low balances this is good because u rack up your card and u watch what u are spending.. Then when u get the hang of paying your bills on time, then give a credit card that has more money on it.. PS PAY YOUR BILLS ON TIME

Answer by Smoovy Loco
The easiest way to get a credit card is to apply for a secured credit card. You may want to try where you do your banking to see if they're offered. I posted some links to some at the bottom, but I'd like to explain how secured cards work. You put a deposit upfront (which usually goes into a savings account) to get the same amount of the deposit in a line of credit. Now while this may not seem like a good thing, think of it as a way ta start a savings for yourself while you're building credit. Now the deposit can't really be used to pay anything that you charge on the credit card unless you're delinquent to the point that the credit card company's forced to use it. But if you're building your credit, you want your deposit back, eventually so you never want to let that happen. Another advantage is that you can raise the credit limit over time by adding to the deposit. An easy tip to manage the card is simply not charging more than what you can pay off in full or as close to it on time every month. The perfect thing to use it would be to buy gas. By doing that, usually after a year, you get your deposit back and either the card will convert to a regular credit card or you'll become eligible for an even better card. Also to establish your credit there is a credit bureau that allows people to report payments to items that don't show on their regular reports like rent, cellphone, utilities, insurance, etc. It's called PRBC. There's a lot that I didn't cover on the website that I'll let you see for yourself but it will definitely help you build your credit!

Answer by aleish
You can start building your credit with secured credit cards.. http://badcreditresources.com/secured-credit-card.html -- Here is the list of lenders that provide secured credit cards for people with no credit. Good luck!

Answer by dunno
Don't get a credit card to build credit!! I tried that, and now I've changed my limit from $ 500 to $ 3000 in less than 6 months. It's such a burden now to pay off every month. Start saving! When the time comes to purchase something you don't have all the money for, anybody will give you credit when they see thousands of dollars in your bank account.

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