Credit Cards to Build / Repair Credit
by WOW!
Credit Cards - Copyright © 2005 How can
you prove your credit worthiness when no one will give you a chance? If you have
bad credit, or no credit at all, you understand how difficult it can be to get
moving in the right direction. Luckily, in today's credit card market there are
a variety of options available to assist you. Let us tell you about some of the
choices you have to get your credit on the right track: Secured
Credit Cards Secured credit cards are
available to almost any individual. That's because they require a security deposit
which guarantees your credit line. For example, if you deposit $300, you'll receive
a credit line of $300. This may not seem like a true "credit line", but the charges
you make with a secured credit card will be reported to the 3 major credit bureaus,
and timely payments will show a positive track record on your credit report. You
can use this to your advantage to build or improve your credit history! In time,
you can move on to a better credit card offer with no security deposit, lower
fees and a better interest rate. Unsecured
Credit Cards An unsecured credit card
is a "traditional" form of credit card which requires no security deposit. Your
interest rate and credit line are based upon your credit history. Although most
unsecured credit cards are out of reach for many people with poor / no credit,
some credit card companies offer unsecured credit cards designed specifically
for these individuals. Normally, these credit cards have higher rates and additional
fees when compared to standard "unsecured credit cards", but they do no require
a security deposit like secured credit card offers. Prepaid
Credit Cards A prepaid credit card is
like a prepaid phone card. They operate on a "pay-as-you-go" basis and can be
used anywhere credit cards are accepted. They offer many benefits, and in most
cases, are very easy to use and operate. But be aware, not all prepaid credit
cards report your activity to the credit agencies. While you may benefit from
the safety and convenience of not carrying cash, you won't be building or improving
your credit if the prepaid credit card company doesn't report your activity to
the major credit bureaus. Luckily, many prepaid credit cards report your credit
card activity or offer this option for an additional monthly fee. To
see a complete list of secured,
unsecured,
and prepaid
credit cards, please visit: Credit
Card Applications |
