The Dreaded Bank Secured Credit Card With Public Savings Bank:

A bank secured credit card doesn’t sound very sexy I know, but really it’s the most effective tool for establishing “new” credit. There will be plenty of time to get a sexy card later once you get your credit established or re-established. If you are needing to re-establish credit the first step is to get your credit repair campaign going with Lexington Law, but if you are really serious about getting your credit back in your control you have to have a credit card too.

I know it doesn’t seem like good credit advice, and I’m probably clawing the chalk board right now, but there is really no other way. You have to have a revolving account for the bureaus to factor 30% of your score! The debt to available credit ratio makes up 30% of your score and of coarse a low ratio is good! In laymen terms you need to have credit cards with low balances, and if you don’t have a credit card at all then that’s simply not good for your score! One is enough though.

Not All Bank Secured Credit Cards are Created Equal:

Yes a bank secured credit card means you have to secure the card with cash, but because of that credit is not a factor, which is good thing. You don’t need any more denials from creditors. My favorite bank secured credit card company is Public Savings Bank which only has a $200 min. funding fee and that’s actually the lowest I’ve seen.

Once you get the card you should just keep the balance at about 10% of the available limit, which is a good low ratio. Public Savings bank will report to all 3 credit bureaus your new card and balance within a month. Remember this, if you use the checking account option to fund your card, they will put a couple of pennies in your account to confirm that its you, don’t get freaked out by that. I know its weird but they have to verify that its yours.

After getting a bank secured credit card, I’ve had clients (with no previous credit cards) get 30-40 point jumps in their score over the coarse of a couple of months. It’s really a powerful tool in your quest to get your credit in shape. Not all bank secured credit cards are created equal, be careful about getting roped into just any card, and your local bank may not report to all 3 bureaus.

I’ve tried to make things easy for the visitors of this sight by limiting the pointless options for them even though the financial opportunity would be greater by having more, I simply don’t want to recommend services when I’ve found another to be superior or at the very least more cost effective while providing equally valued or better service.

Bank Secured Credit Card Continued as The Nails Dig Deeper Into The Board:

The bottom line is that if you are ready to get your credit back on track and have a begun a credit repair campaign, or you are just ready to start building your credit from scratch, that not so sexy bank secured credit card is the best route to take! Before you know it, after a good track record of making payments on time and and keeping the balance manageable, creditors will be knocking at your door ready to give you all kinds of unsecured credit.

Then you will be able keep a fancy unsecured credit card with a high limit in your wallet or purse, that you can break out when you book a hotel room in the Bahamas, or perhaps in New York City if that meets your fancy. You can just toss that bank secured credit card away and get your money back! First things first, get a bank secured credit card with Public Savings Bank.

Author: Keith Meredith