Secured Credit Cards: Rebuild Your Credit On-line
by: MichelleLefeaux |
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If you have ever had bad credit or an insufficient credit history you know how difficult it can be to correct. There are a number of reasons why you might have credit problems - if you are new to the United States or are recently divorced, or have recently declared bankruptcy you probably have credit issues. No matter what the reason is, you can start today to rebuild your credit, and Prepaid Credit Cards can play an important role in establishing good credit.
Check out these steps that will help you turn bad credit or no credit at all into good, solid credit:
1) Open checking and savings accounts. Credit agencies and banks need to know that you have both. A savings account shows them that you are thinking and planning for the future, and a checking account shows them that you have the tools available to pay your bills responsibly.
2) Pull your own credit report. If you are young, or you have no credit history, or if you are new to the United States, you may have no credit history on file. If you've had credit problems in the past, most likely they'll be on the report. You can get a free credit history from any of the three large credit reporting agencies (Experian, Equifax and TransUnion) on-line; just Google "credit report" and find one that is free and with no strings attached.
3) Make sure all of the personal information on your credit report is accurate and complete. You may find that some of the basic information is incorrect, such as your phone number, address or Social Security number. Review all of the basic information on your report, and if you find errors correct them by writing to the issuing credit bureau.
4) Check all of the credit information on your credit report and make sure it is complete and accurate. If you find that some of the bad credit references are wrong, you should dispute these in writing - instructions for writing a dispute will be included with the report. Accounts that aren't yours, old or inaccurate data - dispute them all.
5) Apply for a secured credit card. Secured credit cards or "Prepaid Credit Cards" work just like secured loans. Anyone can get one regardless of credit history. The issuer will ask that you deposit a small amount of cash into an account and then they will issue your credit card with a credit limit close to your deposit amount. By far the easiest way to shop for a prepaid credit card is on-line.
6) Once you have your secured credit card, make sure you use it responsibly. Only charge as much as you can pay off each month, and make sure you pay your bill on time every month. When you've shown a willingness and ability to handle your credit responsibly for twelve months or so other credit options including unsecured credit cards will become available to you.
Bad or unestablished credit can be a real pain when you really need credit. Using the steps described above you can start today to build good credit so you have it when you need it.
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You can safely and easily shop for quality secured credit card products on-line at our web site. We offer a wide variety of credit card products that you can shop and compare in the comfort of your own home with the click of a mouse.
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