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My score is 613 after filing bankruptcy a year ago. What is the best secured credit card for me?
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Asked by
DuelleMarley
1 year ago
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The Public Savings Bank Secured Visa Card (http://www.creditkarma.com/creditcard/publicsbsc01) is a great first step to rebuilding your credit and also guarantees approval because there is no credit score or income requirement. Like most secured cards, the Public Savings Card requires an upfront security deposit of a minimum $200 and up to $1,500, which also determines your credit limit.
Some tips on using secured cards: http://www.creditkarma.com/article/secured_credit_cards_to_rebuild_credit
Secured cards reports to all 3 major credit bureaus just like unsecured credit cards, but should you ever default on a payment, the minimum will be deducted from your security deposit so you can continue to build a positive credit history.
What sets this card apart from other secured cards is that it has no annual fee and just requires a one-time activation fee of $79, while almost all unsecured cards have a recurring annual fee. Also, penalty for a late payment or for going over your credit limit is not as steep as other secured cards, and the 11.24% APR is a low interest rate relative to what is generally offered to poor credit borrowers.
Another big bonus of choosing this card is its introductory offer of 0% interest on purchases for the first 6 months, which is unique to the unsecured credit card market; just make sure you pay off all the purchases charged interest-free for the first six months, or else you'll end up paying interest on your remaining balance once the offer period ends. With this card, you'll be on your way to raising your credit score high enough to apply for an unsecured credit card with confidence.
chuyskywalke 1 year ago
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Orchard Bank Visa Cards
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Orchard Bank Classic MasterCards
- Acceptance at millions of locations worldwide, including website purchases and reservations
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Capital One® Secured Mastercard®
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The Public Savings Bank Secured Visa Card (http://www.creditkarma.com/creditcard/publicsbsc01) is a great first step to rebuilding your credit and also guarantees approval because there is no credit score or income requirement. Like most secured cards, the Public Savings Card requires an upfront security deposit of a minimum $200 and up to $1,500, which also determines your credit limit.
Some tips on using secured cards: http://www.creditkarma.com/article/secured_credit_cards_to_rebuild_credit
Secured cards reports to all 3 major credit bureaus just like unsecured credit cards, but should you ever default on a payment, the minimum will be deducted from your security deposit so you can continue to build a positive credit history.
What sets this card apart from other secured cards is that it has no annual fee and just requires a one-time activation fee of $79, while almost all unsecured cards have a recurring annual fee. Also, penalty for a late payment or for going over your credit limit is not as steep as other secured cards, and the 11.24% APR is a low interest rate relative to what is generally offered to poor credit borrowers.
Another big bonus of choosing this card is its introductory offer of 0% interest on purchases for the first 6 months, which is unique to the unsecured credit card market; just make sure you pay off all the purchases charged interest-free for the first six months, or else you'll end up paying interest on your remaining balance once the offer period ends. With this card, you'll be on your way to raising your credit score high enough to apply for an unsecured credit card with confidence.
chuyskywalke 1 year ago
I'd say either US Bank. The minimum is $300, the annual APR is high (20.99%), but you will earn interest on your deposit. If you are a military spouse or the relative of someone in the military, then I would suggest USAA Bank. The APR is 9.9% and the deposit minimum is $250, which goes into a CD for two years.
xqsit1 8 months ago