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Credit Scoring

An important part of having a good credit score is to have a credit card with a low balance that you always pay on time. The problem is that if you have no credit or bad credit, most credit card companies either won't give you a card, or will charge you high fees.

A secured Credit Card is the solution.

A secured card means you put down a security deposit with the credit card company. They, in turn, give you these benefits:

  • You get approved for a credit card without a credit check.
  • They report to all 3 credit bureaus
  • Generally lower fees than other cards

The following website offers secured cards and addresses any fees which may be involved:

When deciding which Secured Card to get, keep in mind the following items:

  • Make sure they report to all three credit bureaus. (Some cards only report to 1 or 2).
  • Get the lowest credit limit available (Remember, you will have to pay a security deposit equal to the credit limit).
  • Find out if they charge an annual fee or any other account fees.

It usually takes between 2 and 6 months for this method to bring up your score. The most important factors to building a good credit history are:

  1. Keep the balance at $20 or less at all times (30% of your credit score), and
  2. Make your monthly payments on time every time. (35% of your credit score)