A Secured Card for Anybody

Here is a Secured Card for Almost Everybody

http://www.asecuredcard.com/

In case your credit was ruined during the Great Recession, using a secured credit card is often a good way to help boost your standing.

That is, if you're able to get a secured card.  Read or listen on!

Not everyone may be immediately eligible, particularly if you have a recent bankruptcy on your record. A reader of my blog who recently emerged from bankruptcy wrote to me after she and her husband were denied secured credit cards from Citibank. That, at least in my mind, raised several questions: Are people emerging from bankruptcy unable to obtain a secured card? Are there other situations where you’re likely to end up denied? And is the passing of time the only option for the huge numbers of people whose credit has been ruined in the recession?

Secured credit cards appear to pose minimal risk to the card issuer. After all, the cardholder is required to put a certain amount of money into a bank account, say $250 or $500, which is used as collateral. And the available amount of credit is often equal to the amount on deposit. By using these cards strategically, a person with poor credit can speed up the recovery process by demonstrating positive behavior: charging only small amounts and paying off their balance each month.

You need to dilute the negative information on your credit report, and there is no better way to do that compared to a secured card. Some banks want to be sure that the bankruptcy is well behind the applicant, and, in some cases, penalize them a bit for getting into trouble.  These companies should not be in the business of penalizing – they are in the business of making money on lending it, based on risk factors.  Within secured cards, there is little risk, being that the consumer is borrowing their own money.

I do know that many credit card issuers do deny a secured card based on credit standing.  However, there is one that I am aware of that does not and does not charge exorbitant fees to do it: 

www.asecuredcard.com. 

          1.    NO CREDIT CHECK REQUIRED!
 
          2.  The interest rate, at present, is Prime plus 6.5% Variable APR.  It is not an Introductory rate.

          3.  No upfront or monthly fees:  Just a flat $50 annual fee.

          4.  There are 4 ways to fund your deposit. 

          5.  Accepted everywhere you see the VISA logo.

          6. They report to all 3 bureaus!

          7.  Choose your credit limit from $200 to $3,000.

There is one caveat in the use of ANY credit card:  Do not charge more than 50% of the limit or have more than 50% as a balance at any one time, if you want to maximize your credit scoring benefits.