How to Obtain a Secured Credit Card

If you need a secured credit card it will be necessary to do some research. Check around for banks and credit card issuers who handle secured cards. When you find one you think you like read their fine print. If you still like them you need to contact them and find out what their procedure is. Generally you will open a savings account or CD account in their bank in the amount of the credit line on your card. Usually the deposit is around $300 to $500. Then they will issue a card to you good for the amount on deposit.

Banks and credit unions have secured credit cards. You can look at the list of secured credit cards. Look through the list of institutions and read the small print, the dues and fees and restrictions.
Along with the security deposit there may be other fees. The first month payment will generally cover those, then you are free to go. Just spend wisely.

Different companies have different requirements for applicants. Some will be fine with just the secured deposit, some may want a minimum income requirement, and some have bank account requirements and want credit reports.

It's important to remember that repairing your credit will take time and discipline. Pay all your bills on time and pay off your credit balance in full each month, borrow only small amounts and doní»t get over extended. It will take about 12 months of good credit reviews on your secured credit card to improve your credit history. At the end of that time period you may qualify for unsecured credit or a larger credit line.

Shop around and you will probably find a secured card that fits your needs. You can compare secured card issuers on the secured card offers page.

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