How To Get Credit When You Don't Have Any Or Your Credit History Is Bad
How To Choose A Secured Credit Card
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If you have a choice among various secured credit cards, look for one that:
- Has no application fee.
- Allows a credit limit greater than the amount of money you deposit with the company.
- Does not charge excessive interest on the outstanding debt.
- Has no annual fee.
- Is reasonable with respect both to the amount of other fees and when they are charged.
- Pays interest on the money held as collateral for repayment of the credit.
- Sends in reports to the credit bureaus. Ideally, the company won't report the account as a secured account.
- Offers credit life and disability insurance, and waives premiums if you become unable to work.
- Does not require you to purchase insurance.
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