Secure
Cards
The Secure Credit Card is a new excellent form of credit rehabilitation initiated by many banks across the nation. Ninety-five percent of the applicants are accepted. The unacceptable percentage stems from those that are over their head in debt already. They usually have not gotten their other credit accounts under control, (i.e. have outstanding balances) This is how the Secure Credit Card works. You the applicant would request an application from a bank that issues secure cards. Listed on the following page are some bank addresses and telephone numbers that offer this service. After completing your application, you send them a check for the credit limit that you request. For instance, you send them a check for $300 and they will send you a card with a $300 credit limit. If you would like to increase your limit then you only have to send them that amount. You can use the credit limit increase money to obtain anther secure card. Retain these cards and pay them on time for a few months, then pay them off. Remember, you will likely be paying in excess of 18% interest.
This card is not suggested for regular use, only to rebuild your credit profile. There are cards available that offer percentages much less than 18%. Most banks will deposit your check in an account that earns a small amount of interest. After 6 months of paying on time, they may return your deposit. Listed below are some companies that offer this service.
