Requirements To Get A Secured Credit Card

Most secured cards are fairly easy to get if you have the money to put on deposit. Different companies have different requirements for members to get their cards. The security deposit for secured cards can range from $300 to $1,000. Your credit limit is usually determined by the deposit and is 100% of the amount on deposit. In addition to the deposit there may be fees and charges as well as interest on the money you borrow. There may also be an annual fee and a one time set-up fee.

Some companies have a more strict approach to customers and might not take someone with a previous history of late payments, or a past bankruptcy. Frequently bankruptcy is not an issue because once you have declared it you cannot declare bankruptcy again for 7-10 years.

It is helpful to get your credit report from each of the three major credit bureaus before applying for a card so you can correct any inaccuracies.

When you apply for a secured credit card, be prepared to provide:

• Your Social Security number
• Proof of income
• Your home phone number
• Address verification