If you are in trying to rebuild and increase your FICO score you have no doubt heard that a secured credit card can help you accomplish your goals much faster.
What you may not know is that not all of these cards are created equal and different cards will be better for different people.
So how do you find the best secured credit cards your situation, keep reading to find out a few things you may not have known.
Three Things To Consider When Picking The Best Secured Credit Card No Application Fee- Some card issuing companies will charge new applicants a fee to apply for an account with them, this fee is often $25-$50 and sometimes more.
However there are many companies that will not charge this fee to applicants and finding them is easy with the Internet.
So if a no fee application is important to you then look around for no fee card.
Account Limit Amount- While the typical secured account has a limit from $250-$500 some people need a higher limit for a variety of different reasons.
To cater to these people there are lending companies that will issue lines of credit up to $5000 and sometimes more.
Just remember with a secured account you will need to have the cash to back up the balance that you request from the lender.
No Score Check- While some lenders will run a FICO score check on you before they issue new borrowers an account with them there are many lenders that will not do this.
Not having your credit pulled is important if you are doing credit repair or trying to boost your FICO scores because t many inquires can lower your scores.
Again you can use the power of the Internet to find those companies who will not pull your score.