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Places To Find A Secured Credit Card

Jul 27, 2008
This type of credit card is the best option for individuals, who either have bad credit or have no credit at all. The card has less credit and thereby giving the chance to build your own credit score. When you make prompt payments, say after a few months, credit companies raise the credit limit for this card. They may even turn it to an unsecured credit card.

There are many companies recently operating on the market, and hence it may be difficult for you to get the best secured credit card. This credit card is other than any normal credit card, since it uses the funds, which a consumer places in savings account.

This card gets protection from savings account. Some of these types of credit cards support conversion facility too. They allow an upgrade to the unsecured card after it goes through a successful history of repayment.

Points To Bear In Mind:

While you shop for such a credit card that is best for your needs, you may consider the points as below:

1.Make sure the card company you choose, reports its credit reports to credit reporting bureaus, since it is likely to make your credit develop. Credit reporting bureaus hand over individuals' credit report to the loan agencies, when individuals apply for a loan. It is important for these agencies to know you well, so they improve your credit score to acquire such type of credit card.

2.When you apply for such type of credit card, consider your spending habits and credit requirements. Decide the purpose for using the card properly and intelligently. For establishing good credit, you need to spend little and pay the dues at the expected time.

3.You may refer to a number of sources, such as the Internet to know the recent laws regarding credit cards and their usages. The Federal Reserve issues information on amendment in interest rates for these credit cards. Your credit card providing firm may not reveal the same information. Additionally, Federal Reserve publishes on its web site, half-yearly reports of the financial institutions. Refer these for getting a secured credit card of your choice.

4.Make it a point to read all the documents carefully. This gives a brief idea of the conditions and clauses stated in the agreement before you sign it. Ask from bank authorities, the procedure to follow if there is a delay in payment. Moreover, ask about the grace periods for avoiding unpleasant set backs, later.

5.Check the fee structure of different credit card issuing companies, since every financial institution charges different annual fees and application fees. Try to find such a type of credit card, which comes with low fees.

A Word Of Caution:

Individuals need to be aware of any fraudulent schemes. Do not trust the companies that assure to issue these credit cards with no fees at all. Companies that operate legally always charge fees on security cards they issue to their customers. You may verify the credit standing of any such company by contacting the credit bureaus.
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Find a secured credit card and more of Tom's work at FINDsecuredcards.
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