3 Secured Credit Cards to Rebuild Your Credit
Secured credit cards are the option that shows lenders that you have learned the art of tackling those plastic cards in your wallet. Financial mistakes are quite common and we know that to “err is human“. You might have accidentally failed to pay the minimum balance or fell behind the utilities. But in every case, you might ding your credit.
However, if you consistently go on repeating those mistakes purposely then it is sure to hurt your credit scores. Credit experts are of the opinion that it takes long time to build the bad credit report, you cannot build it overnight. And the first step towards it is, to be financially prudent. File for a credit report to any of the three credit bureaus and ask free credit report to see if there is any error.
The next step would be to find solution to those errors. Pay the bills on time. Stop overspending on the credit cards. And another best way to have a healthy FICO score is to establish a good credit through a secured credit card.
In order to help you with nursing the credit back to good health, you can seek the help of 3 secured credit cards.
- Navy Federal Union nRewards Card
If you want to have this card, you need to be in the military or related to someone who is, but yes, you have to qualify for that. This is one of the best cards to rebuild the credit back to normal. The card is known to report to the three major credit agencies –Equifax, TransUnion and Experian. (Well, if a cardholder does not inform the three bureaus, it won’t affect the credit score). No annual fee and the annual percentage rate are variable by 8.9%, which is quite low for this category. You get a 25-day grace period with it and earn one point for every dollar you spent, through the reward programs.
- Citi Secured MasterCard
Citi is known to invest the money in an 18-month certificate of deposit savings account instead of the normal savings account. That lets you earn 1.01 annual percentages. You are not earning a lot but it is a good approach. The annual fee is just $29 a year and comes with 18.24% variable APR.
Well you have a backdrop against this card. You cannot apply it online, instead you have to go in person to any Citi branch and purchase the card. They are a little strict on the regulations and they like to know who is going to own the card.
- US Bank Secured Visa Card
US Bank also provides a secured credit card just at an annual fee of $35. It depends on the credit behavior; you can qualify for the unsecured credit card in less than 12 months. It is a low interest credit card. And it is an accelerated step towards the unsecured card with a secured offering. The APR is high, around 20.99% on purchases and on cash advances, it is 23.99%.
To round it off: “There is always light at the end of the dark tunnel.” we know that having a perfect credit score is a little tough job, but it is possible to repair.
Author’s Bio: Robin Granger helps people to make money online and a major contributor of finance related topics to many blogs. He serves as a financial consultant for the customer call center located in India, which are responsible to support major financial organizations.
Category: Debit Card
