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:
WOW!
Credit Cards
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