Best Bad Credit Secured Credit Cards 2017

Best Bad Credit Secured Credit Cards 2017

Having Bad Credit seems like you’re doomed, like no one understands, no one respects you, no one will give you a chance.  BUT thanks to Secured Credit Cards, you are on your way to building good credit or rebuilding your credit. 

∗∗∗CREDIT BUILDING SUGGESTIONS AT THE BOTTOM

Here Are The best 3 Secured Credit Cards For Consumers With Bad credit. Sure you will need to use your own money as collateral, but it’s all worth it, plus it will save you thousands of dollars in Finance Charges on a new car, house, unsecured credit cards (approved based off good credit) and help rebuild your credit. 

No Annual Fee

Best Bad Credit Secured Credit Cards 2017

Capital One Secured MasterCard

 Variable APR, 24.99

Annual Fee, $0

Required Deposit $49, $99 or $200

Chance Of Higher Credit Line Up To $3000

 

BENEFITS 

The great thing about Capital One® Secured MasterCard® is, you can get a limit of $200 for a deposit of $49, $99 or $200, depending on your credit, unlike other Secured credit Cards, which gives you a limit equal to your deposit. You can also get access to a higher credit limit after 5 successful monthly payments.

CONS

You will not qualify for this card if you don’t have a checking or savings account, a discharged bankruptcy or if your rent is almost as high as your monthly income. Also your credit score generally has to be between 350-629 or you will be rejected. There are other small qualifying things that are taken into consideration too. See if you qualify for Capital One Secured Mastercard.

No Credit Check Or Bank Account

OpenSky® Secured Visa® Credit Card

Variable APR, 17.89

Annual Fee, $35

Required Deposit $200-$3000

Reports To ALL 3 Credit Bureaus

 

 

BENEFITS

This particular bank doesn’t run a credit check so customers don’t have to worry about getting turned down for bad credit, plus there is no hard hit inquiry on your credit either, which can lower your credit a few points. Another great benefit is you determine your own starting credit limit and increase it at any time, ranging from $200-$3000. ∗∗∗MY PICK FOR FOLKS WITH BAD CREDIT

CONS

You can’t upgrade your account to an Unsecured Credit Card like other Secured Credit Cards. BUT this is still the best Card for people with bad credit. You can easily apply for Unsecured Credit Cards after paying this one one time for 6 months. Apply for OpenSky SecuredVisa Credit Card Here.

No Annual Fee

Best Bad Credit Secured Credit Cards 2017

Citi® Secured MasterCard®

Variable APR, 22.99

Annual Fee, $0

Required Deposit $200-$2500

Customers Without Bank Accounts can Apply Apply Inside At A Citi Branch

WORTH A LOOK∗

BENEFITS

Citi Secured Credit Card generally approves people with limited or no credit history, which is great for people with no credit or people with not so bad of credit. You can get a Secured Credit Card from a name that is nationally known with as little as a $200 deposit.

CONS

It is not so easy to get a Citi Secured Credit Card, even when using your own collateral. Citi still takes you through an extensive Credit Background Check. You must meet their credit qualification criteria for this card, which includes our review of your income and your debt. Also you must not have any bankruptcy history within the last two years. I do not believe this bank reports to all 3 Credit Bureaus monthly, but do report to Equifax only, according to some customers that have the card.  Apply here for Citi Secured Mastercard.

CONCLUSION:

Having good credit today is everything. Having a good job, no matter how many years you been on your job, is just not enough anymore. It’s no need for anyone to have bad credit forever, when there are something you can do about it.

Yes, it takes time to build and rebuild credit, but you are also doing yourself a favor by doing so. You save yourself thousands of dollars that can be used for something else, by avoiding high interest rates, you get what you want and you save yourself from constant humiliation of hearing words like “No, we are sorry, rejected.”

CREDIT BUILDING SUGGESTIONS:

  • Use these Secured Credit Cards for about 6 months before applying for any new credit and make sure you are paying on-time. TRUST, your credit score will increase significantly, especially if you are paying other accounts too on-time.
  • Use your Secured Credit Cards to pay for gas, food, bills, toilet paper, water, soft drinks, restaurants, anywhere that accept credit cards, and even your rent, if it’s an option, to pay for these items. Just think about it, credit cards are accepted just about everywhere; you will be doing yourself a big favor by using the Credit Cards vs cash, plus build your credit at the same time.
  • Use Credit Karma on a regular basis to pull your credit, plus monitor your credit report. You also get free credit scores with this. Now one thing I will point out is Credit Karma’s Credit Scores are usually about 20 points higher than the actual Credit Bureaus. But it’s FREE. What company can beat that? The company also offers other great resources.
  • If possible, pay off your cards completely every month or only leave about 20% debt to credit ratio on the cards. For example, if you make a $200 purchase, pay at least $160 towards that payment. Do you know how easy that is? Put the money on the card you will normally use to pay your cellphone, internet services, electric bill, gas bill, food, Walmart Miscellaneous purchases, gas, clothing, restaurants, etc. It’s just takes practice and a different way of thinking. YOU ARE ONLY HELPING YOU BY DOING THIS. So let’s build the great credit score you always dreamed of.
  • Most auto car lots and credit card companies use Equifax, so make sure your Equifax Credit Report is the highest out of the 3. Your Experian and Transunion Credit Report may have a higher score than Equifax, so don’t get caught in this. These companies aren’t going to tell you that because they want to charge you higher interest rates and rip you off.

*****Also check out the Top 10 Business Bureaus to build Business Credit for  Entrepreneurs

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