Banks and Secured Credit Cards by toriola1


									                                                   Presented by Daniel Toriola

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                                                     Banks and Secured Credit Cards
                                                                    By Tom Tessin

    If you currently have bad credit, you’ve probably found that secured credit cards are probably the
way to go when it comes to re-building credit. A popular question that comes to my attention when I
discuss secured cards is “What bank should I go with?” Since there are so many banks on the market,
it’s hard not to choose just one but we have to keep in mind that they are all completely different.

 Some banks want to focus on bad credit and others don’t even want to deal with it. Why? Some
lenders truly believe that people who have bad credit will always have bad credit and will never learn
from their mistakes. Studies have shown that many people who do start to rebuild their credit learn
from their past mistakes and never go into debt again. Then again, there are those few who never do
learn though.

What kind of bank should I go through?

 With so many banks out there, the first step would be to simply check out the bank you’re banking
with. Ask a teller or representative to see what kind of secured card they have to offer. Many of the
major banks like Bank or America, etc do offer secured credit cards. They will be able to tell you in
person on how you can use this card in order to establish your credit once again.

Are all banks different?

 Absolutely. Every bank that you bank with is going to be different especially when it comes to a
secured card. These types of cards will require that you put down a down deposit. Whatever you put
down as a down deposit will determine what your credit limit is going to be. The more you put down,
the more you’re going to get as a credit limit. Some banks will also allow you to collect interest that you
have on your money stored in ties with your credit card. These are usually the banks that you want to
go with. The major differences that you’ll see though will be the fees. You’ll always find an annual fee
with these cards and they range anywhere from $20 to as much as $150. A card with no annual fee is
going to be extremely hard to find.

If you’re in the market to repair your credit, this is going to be the only way possible because if you
went the prepaid card route, these cards don’t report to the major bureaus since they act like gift cards.
On the other hand, always make sure that the secured card that you apply for does report to the - Bad Credit Loans
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                                                                                                                                  Page 1
                                              Presented by Daniel Toriola

bureaus. If it doesn’t, you’ll soon find out that you’re using a credit card for nothing. A bad credit card
on the other hand is a little different but will have higher fees. Repairing credit takes some time and as
long as you work hard to pay off your debts and use your cards responsibly, you’ll see your credit
score rise significantly over the next couple of years.

Start rebuilding your credit today with a secured credit card at, where
you can find even more of Tom's work.

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                                                 Presented by Daniel Toriola

                                  How To Find Banks Who Offer Secured Credit Cards
                                                             By Sean Masterson

 Have you been looking for banks who offer secured credit cards? It's not always easy to find them.
Some of the banks that offer these cards don't advertise the fact and many banks don't offer them at
all. So are you just plum out of luck? Of course not. You can find secured credit cards. It's just a matter
of following these tips...

Ask And You Shall Receive

First and foremost, you need to understand that some of the banks who offer secured credit cards
don't exactly put out signs advertising the fact. Secured credit cards are for those with credit
challenges, and what kind of bank wants their investors knowing they're catering to such a clientèle?

Seriously, while it might not be all hush hush, don't rely on brochures or printed information to see
which bank offers the type of cards you're looking for. If you want to know if your bank has them, you
need to call and ask. Speak with a personal banker. If your particular bank doesn't offer these cards,
the person on the phone might be able to refer you to a bank that does.

Check The Web

Let's say there's not a single brick-and-mortar bank in your area offering secured credit cards. You're
not destined to be cardless forever. That's what the Internet is for!

Many of the banks who offer secured credit cards can be found online. If local results don't turn up any
treasures, it's time to turn to the information superhighway. Compare secured cards online and choose
the one with the most favorable terms. Just make sure you sign up with a bank you can trust.

Understand Your Limitations

Now, when you do find the banks who offer secured credit cards, don't go applying at each and every
one. You need to understand that many secured credit cards have credit requirements. While these
requirements might not be as strict as unsecured cards, they still exist. If there's a ton of inquiries on
your credit report, you might not qualify for even these accounts.

And remember, when you get that card make sure you pay your statement on time, every time so you
can graduate to an unsecured card in the near future. Just because the banks who offer secured credit
cards have a savings account securing your card, it doesn't mean they don't expect you to send them
their cash each month.

For more tips on secured credit cards, saving money and avoiding getting taken, check out, a website that specializes in providing credit card tips, advice and resources.

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                                              Presented by Daniel Toriola

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