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Build Credit with Secured Credit Cards
For consumers with damaged credit or no credit history at all, secured credit cards are one of the most popular ways to obtain credit and start improving your credit score today. Your chances of getting approved for a secured credit card are high, and most of the major card issuers also report your payment history to all three of the credit bureaus.
So, how does a secured card really work? Unlike regular credit cards, a secured credit card requires a security deposit with the card issuer. Your credit line will represent anywhere from 50% - 100% of your security deposit, and you can use the card anywhere credit cards are accepted. If your history with the secured credit card is good for approximately a year, the card issuer will likely extend your line of credit or graduate you to an unsecured card.
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