Using an unsecured credit card, gives you a simple and convenient way to build your credit history, because it does not require any form of collateral, but if you happen to have poor or bad credit, it may be almost impossible to obtain approval for an unsecured credit card.
A person in this sort of situation will more likely be able to obtain a secured credit card. These types of card use a savings account monitored by the card company to hold a cash deposit which acts as a form of collateral on the credit card account.
Payment histories on unsecured credit cards are watched by the three major credit bureaus, but secured credit cards are not always monitored in this way or even report their payment histories, it will depend upon the individual credit card issuer.
Since the goal is to raise your credit score by using a secured credit card, you should locate those cards that take the extra measure to report their payment histories to credit bureaus. The advantages of this option most likely will be listed on the credit card application form, if not, then you may want to get in touch with the customer service department of the card issuer to find out more.
You can raise your credit score with little trouble, all that is required is to use the secured credit card to purchase items and pay off the balance on time.
One notable difference between secured credits cards and other forms of credit cards involves default payments; the defaulted payment amount is taken from the money held in the savings account.
Generally, the approval process for a secured credit card is quite easy, there is far less hassle with these types of card than any other credit card. Only two basic restrictions apply: first, you must live in the U.S. and secondly, you must be 18 years old or older. You are not subject to a credit check, as your collateral on the secured credit card is the money in a savings account.
The credit limit on your card is based directly on the cash deposit in your account; if you want to increase that limit, simply add more money to the account which also earns interest provided there are no defaults on payments.
This factor may be one of the biggest advantages of having a secured credit card. One of the biggest advantages of secured credit card is this limitation of funds, because this means that you can avoid the dangers of credit card debt, since you do not spend more than you have.
If you happen to be one of the millions that have bad credit or none at all, then a secured credit card may be the best choice because if you use these cards regularly and are able to pay promptly and on time, you will begin to see increases in your credit score and eventually, you might qualify for better rates and more options.
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