Are you at a point in your life that you need to make some big decisions and your poor credit score is getting in the way? Regardless if the reason for seeking a secured credit card is not having a credit score at all or if some tough decisions came up in your life that made you miss a few bills and blemish your credit score, it’s never too late to get your credit life off of life support and back on its feet. We’ve helped thousands of people get over the hopeless feeling that they’re going to be stuck with a poor credit score the rest of their lives and build it up to a point where banks were competing over them for loans. The best news is that you can change your life today by signing up for a secured credit card. But wait, don’t be so hasty… like regular credit cards, each secured credit card has small print that may end up being a burden on you as you coast down your road to recovery so check out our reviews of the various secured credit card programs out there. First, let’s review what a secured credit card is.
What a Secured Credit Card is
A secured credit card is a card designed by banks to help people like you that have never had the opportunity to build credit or have had their credit blemished due to uncontrollable circumstances. Secured credit cards have become increasingly popular during the economic downturn as many individuals and families have come into hardship and had to restart the credit building process.
Are Secured Credit Cards reported to the 3 Big Credit Bureaus?
Absolutely! This is obviously the most important reason for signing up for a secured credit card. Do ALL secured credit cards report to the credit bureaus? The short answer is no, but on this site we’re diagnosing and treating your bad credit so all of our reviews and recommendations are ONLY going to be for those cards that report to the credit bureaus. There are some shady organizations out there that aren’t up front with this information. For example we know one young man that applied for a secured loan (we’ll talk about these later as well), was awarded the loan and then went and bought a snow mobile with the loan money. He didn’t need to do this as he had the extra cash saved up but simply wanted to build his credit score and reward himself with his efforts with the snowmobile. When he finished paying off the loan two years later he noticed that his credit report hadn’t been changed. He called the company and the support representative said he was mistaken and that they have a policy of not reporting to any of the credit agencies. That’s 2 years of his life wasted and most likely over $1000 of interest paid for nothing! Don’t become one of these statistic and do your homework on our site before you sign up for a secured credit card.
What are the Rates for Secured Credit Cards?
We’ll be honest, they’re all pretty high. These credit card companies believe they’re taking a big risk on you so you’re going to be paying a pretty penny in interest on these cards. But guess what? If pay off your secured credit cards every month then you’ll never pay the credit card companies a penny on your secured credit card. Be smart and you can beat the system! Many secured credit cards have a minimal yearly fee to keep the card open but the benefits of having your credit being reported to the big agencies far outweigh these minimal feels.
Why should I pay attention to the reviews and advice I read on SecuredCreditCardRx.com?
Our staff is very unique is that all of us have been where you are. Some of us have had to file bankruptcy and others have had absolutely no credit and had to start building our credit midway through our lives. None of us are rocket scientists but we’ve all been where you are and have come out on top due to diligent research, phone calls to credit card companies and trial and error. Now we’d like to share that knowledge with you. Take the time to read through this site and you’ll be on your way to a healthy, happy future and a credit score that banks will be fighting over.
