I had to stop working several years ago because I have MS. When this happened I had to default on my car, mortgage, medical bills and credit cards. I am finally in a position to rebuild my credit. I attempted to open an account with Capital One but was declined. I understand that I had terrible credit but I thought that was the purpose of a secured credit card. I read the reviews from some of the other secured cards and was appalled by some of the other banks derogatory comments. Many said they never received cards or were charged exorbitant upfront startup fees but never got a statement or a card. That's when I saw a suggestion to try Merrick Bank secured credit cards. The terms are similar to Capital One and I was immediately approved. I would suggest always reading the fine print and most importantly, the reviews of other customers before haphazardly applying for anything. From what I've read Capital One and Merrick seem to be the best. Neither of these cards are for irresponsible shopping sprees, but for those who are trying to re-establish good credit. Don't deposit more than you can afford to pay off in a month or two and always pay extra on all your monthly bills.
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