| Life in todays world with out a credit card can be | | | | your credit report does not list the account on your |
| challenging. Without a simple piece of plastic you | | | | report as a any differently, so no one will know the |
| cannot rent a car, hotel room or safely shop online. For | | | | difference. It will basically give you the same FICO |
| most people getting a charge card is very easy, but | | | | score boosting power as a normal card. |
| for borrowers with low FICO scores or a troubled | | | | How Much Will a Secured Credit Card Boost My |
| financial past getting a card can be difficult. For these | | | | Credit Score |
| borrowers the only option is a secured credit card. | | | | How much the secured card will boost your credit |
| What Is a Secured Credit Card | | | | score varies from person to person. The main concern |
| A secured credit account is backed by the consumers | | | | you should have is paying it on time, never pay late |
| own money that is held in an account, the normal | | | | and not carrying a balance on the card of more then |
| amount for a new card is $300-$500 dollars. What this | | | | 45% of the limit. Maxing out your account will actually |
| does is gives the lender a source of funds that will | | | | reduce your score as it makes you look like a risky |
| cover any charges on the card that the consumer | | | | borrower. |
| does not pay. Because the card is backed up by | | | | After a period of time the bank may offer to change |
| funds the approval is almost guaranteed. | | | | your card to a normal account. At this point you can |
| How Will A Secured Credit Account Help Me Boost | | | | apply for one or two more new accounts to boost |
| My Score | | | | your score a little more. Just remember to use |
| These types of cards report to the agencies just the | | | | restraint and common sense and your FICO score |
| same as a standard account does. The best part is | | | | should increase nicely. |