A Last Resort For Building Credit

For consumers that are having difficulty getting accepted for a traditional credit card another strategy that can be used is applying for a secured credit card. A secured card isn’t the only option available for consumers with bad credit,they can consider applying for high risk credit cards like the Indigo Mastercard at Indigoapply.com .

The differences between a high risk credit card and a secured credit card can be significant with the high risk card ultimately being more expensive. It is more expensive initially and with all of the fees that you’re charged with.

A secured card is a safer option that only requires you to put down a cash deposit that may be equal to the amount of credit you’re interested in. Your cash deposit is used as collateral to secure your card against any loss.

Perhaps the best places to look for a secured card is at your local credit union. They typically come with less expensive fees than other lenders. The credit limit on your card will mostly reflect your initial cash deposit. So,if your cash deposit was $400 then your credit limit will be $400.

Your deposit protects the lender from any damages you may incur. If you for some reason do not make your payments responsibly then the lender can deduct what you owe from your security deposit or even cancel your card.

The good thing about secured cards is they report your account information to the 3 major credit bureaus. This is how you rebuild or establish your credit history. As long as they have a Visa or Mastercard logo they will operate as a typical credit card.

Users can make payments wherever your Visa or Mastercard logo is accepted. It can also be used for shopping online or making reservations. The key to getting the most out of your secured card is paying your bill each month on time,staying under the 30% utilization rate,and spending only what you can afford to pay.


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