Now that I have a decent credit rating, nothing spectacular but decent, I can qualify for unsecured credit. I still remember the days of yore when I would get those letters in the mail

"We have received your application for a credit card with XYZ Bank, we regretfully decline your application for the reasons mentioned below:..."


The reasons were always due to too much delinquent credit, or not enough existing credit in good standing. Even though i was working on fixing up my all of the delinquents on my credit report, I knew I would have to get some accounts on my report with a good payment history just to show that I was back on track.


If you've had bad credit in the past or have bad credit now, you have probably already received several applications from banks such as First Premier or Orchard Bank. If you already have one, it's too late. If you don't, don't fill out the application. In my opinion these guys are crooks and they will use your position against you.

Most all "Bad Credit" credit cards will start you off with a limit of $250. Before your first bill they will charge you $120 application fee, $50 processing fee, and a $50 annual fee. So you have $30 available credit and you already owe $220 at 19% interest before even making a purchase or receiving the actual card in the mail.

Most people think this is their only option and their being punished for having bad credit. I was lucky enough to see the light and avoid these guys altogether.

Bankrate had several articles on Secured Credit Cards that I came across during my search. I discover that 2 banks in particular, Plains Commerce Bank and Riverview Community Bank, actually report the cards as unsecured debt to the 3 major credit bureaus. This is a huge plus. It looks better to future creditors, such as mortgaeg banks, that you have a decent amount of unsecured available credit. It makes you look more credit-worthy. Although both cards carry a small annual fee (the only fee they carry), and require a deposit due to the card being secured, this is worth it when trying to rebuild or even establish credit.

Secured cards or just secured debt. The money you send as a deposit is put into a savings account with that bank and that is the amount of your credit limit. If you want to increase your credit limit, deposit more money into savings. So think of it as collateral for a loan. If you try to skip out on the payments, the bank has your savings account to get back the money you owe them. Sort of like foreclosing on a home, but on a much smaller monetary scale. If you ever want to close the account, pay it off in full and you get back your initial deposit plus any interest gained. Plains Commerce Bank's savings account actually get about 4% interest. Not a bad deal.

There are better ways, such as asking someone with good credit to add you as an authorized user, but this was the best option for me.

These were the best two banks in my opinion but the point of the post was to steer you towards secured credit cards to rebuild your credit. Bad credit is not the end of the world if you start fixing it now. Get some good tradelines on your report, and work on getting the bad ones off. At least pay them off and wait for the statute of limitations to expire for them to come off (these vary by state) on their own.

Stay away from cards that charge anything other than an annual fee, they are trying to take advantage of you because they know you are vulnerable. Look around the web, especially sites like Bankrate, and do some research for the best card for you.

Thanks for reading


I Love you Baby

26 comments:

  1. senseibasil said...

    Not all banks that offered secured credit cards has unsecured debts. But anyhow, your opinion on secured credit cards is helping and i appreciate it. It's true that it's not the end of the world if you start fixing it now.  

  2. CreditExpert said...

    No doubt, secured credit cards are the best way for people who had a bad credit before. But not everybody who are in need of great sum of money can afford to deposit enough money. So they have to get a bad credit credit card and to improve their credit history step by step.  

  3. Rad said...

    I'm not sure I understand what your saying? Most bad credit credit cards will charge you an arm and a leg before you even get the first bill. They start you off with a $300 limit, then chrage you abtou $270 for "administrative fees, processing fees, application fees, etc." Because you "need" them, they pretty much take advantage of your situation and make you believe that you have no other option.

    Now with secured credit cards, all you need is a $300 deposit, if you don;t have it in one shot you can save up $300. If you can't save $300 and just be patient for a few months, then you have bigger problems than just your credit. After your deposit is put through, you have a $300 credit limit, and like I said, Plains Commerce Bank reports to the credit bureaus as unsecured on top of giving 4% interest on the deposit. If you want to raise your limit, make another deposit. Used responsibly, this will improve your credit and improve your net worth to a small extent (the account is technically a savings account which grows over time).

    I think the secured credit option is much safer and a better utilization of your money than the "bad credit" options. Everyone is definitely entitled to their own opnions and I do appreciate the comment.  

  4. Tom Mayer said...

    It seems to be a little strange, but I have just found out that guaranteed unsecured bad credit credit cards come with lower interest rates and fees than secured cards. For example, Orchard Bank Classic MasterCard® (unsecured) has 8.9% Ongoing APR, and Platinum Mastercard from Millenium bank (secured) comes with 19.5% Ongoing APR. Why could it be so?  

  5. Credit Cards For Bad Credit said...

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  6. Anonymous said...

    These cards will help the people to come out of their difficult financial position  

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    These cards will help the people to come out of their difficult financial position.  

  8. http://www.cashtilpay.co.uk/ said...

    Bad credit can be rebuilded if some ways are followed.I am agree with your vision and insight.Thanks for such post.  

  9. Wealth Transfer Asia said...

    Thanks for the very informative blog and I really enjoyed the post very much.  

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    Thanks for sharing such informative post as it is really nice and helpful too.I liked it.  

  11. Business Network Asia said...

    Its all up to us that how we use the credit card and take it as a tool to help you have good credit score.Using the secure credit card can be a good option for you if you have been declined for the card first.  

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