Best Secured Credit Cards For Bad Credit By Credit Monarch®
Posted by Credit Monarch on September 8th, 2015
How a Secure Credit Card Can Help Your Bad / New Credit
Negative credit rating (Bad credit score), can have serious consequence on ones financial status. Whenever a person applies for a loan, credit card, insurance etc, a credit report from credit agencies will be needed to get these funds approved. The chances of being approved by these entities are greatly impacted by the results of such a report. If the report shows bad credit history then it is most likely that the creditor will deny the transaction. Or, in some cases the lender might approve, but the terms of such a loan will not be as “enticing”, compared to a good credit score.
Turn A Bad Situation – Good!
When trying to rebuild a bad credit score or to establish new credit, there are a few options available. We chose to show you, what we feel to be the best starting point; using a secured card. The cards that we are about to show you, are, in our professional opinion, the best secured credit cards today. These Cards work well for rebuilding or establishing credit. Is your credit score damaged? Are you trying to get a loan and can’t get approved, due to a poor credit score? If so, then keep reading about our list of best secured credit cards for 2015.
Rebuild or Establish Your Credit Score With The Best Secured Credit Cards Around –
Credit Monarch ®, gathered for you a few, well known credit cards that can help you rebuild or establish your credit score. These cards, known as secured credit cards are the best way to improve a bad credit score, or a non existing one. The general idea of a secured card is to allow a person to use a credit card that reports to the major credit bureaus, without putting the lender at risk. There are quite a few secured credit cards out there, all offering the same basic service, but with slight changes to accommodate different financial situation. Although, approval is NOT guaranteed when applying at your bank. However for the cards shown below, approval rates are much higher then standard. Most secured credit cards require that a deposit will be made by the consumer. The deposit you make will determine the credit limit, which in most cases is equivalent to the deposit amount. Once your card is activated, you can start making purchases and if you are using your secured card responsibly your credit score is sure to soar.
Our goal is to help you find the best secured credit cards for your needs. So, before we go on to our List — “The Best Secured Credit Cards For 2015″, we want to share the basic criteria that formed this list. We also want to formulate the key factors to consider when applying for your card.
- Card’s APR (Annual percentage rate). – Higher APR is risky If you will carry your balance throughout the billing cycles. However cards that have a higher APR usually comes with lower or no fees.
- Card’s monthly / yearly fees. – If you don’t carry your balance throughout the billing cycles then APR is not something that you should be worried about. Instead you should consider a card that charges lower or no fees.
- Card’s reporting. – The main reason to get a secured credit card is, to improve your credit score. The cards shown in the list below, report to the three major credit bureaus. Credit reporting is crucial for rebuilding or establishing credit.
So now you know, hope is not lost. With the best secured credit cards available you can have a good credit score faster then you think.
However there is only one more thing to be said. Getting a secured credit card will help you rebuild or establish your credit score but with one condition – Financial Responsibility. Otherwise you will be defeating the purpose and can find yourself back in square one, with even more negative reporting to deal with.
We thank you for taking the time to read our list of, “Best Secured Credit Cards For 2015” We hope that this information will help you, to utilize good financial practices and to improve your financial standing. If you want more information about the best secured credit cards available, please comment below.
Category: Credit Cards