Credit score guides to get the best secured credit cards? No, you don’t have to be a hardcore biker (or even a casual one) to benefit from the Harley-Davidson® Visa® Secured Card. It’s a decent, no-annual-fee secured card for people looking to build or rebuild their credit. And if you are a biker, well, you can earn Harley-Davidson rewards, too. Our pick for: Low fees and interest: The DCU Visa® Platinum Secured Credit Card is a secured card for bad credit, but it offers a lower interest rate than many unsecured cards for people with good credit. You must be a member of Digital Federal Credit Union to get this card, although you can join by becoming a member of a partner organization for as little as $10.
Get the most value from OpenSky Secured Visa Credit Card? OpenSky’s secured credit card offers a lot of flexibility for funding an account, which makes it a great option for those who have thin or less-than-optimal credit files. You can choose from using a debit card, writing a check, or for the unbanked, a Western Union transfer or mailing in a money order. Get the most value from it by using it responsibly. That means paying your balances in full each month so you don’t accrue interest, making payments on time and monitoring your credit score periodically to track your progress.
When you consider the rewards, the lack of an annual fee and the opportunity for an upgrade, the Discover it® Secured is the best secured credit card we’ve seen. The rewards on this card — 2% cash back on up to $1,000 worth of spending per quarter on restaurants and gas, and 1% on all other spending — would be pretty decent on a regular card. For a secured credit card, they’re unheard of. After eight months, Discover automatically evaluates your account for possible upgrade to an unsecured card. And the annual fee is $0. The initial deposit must be paid with a bank account; if you’re unbanked, you’re out of luck. For some people, the $200 minimum deposit will be a stretch. For others, the maximum $2,500 credit limit will be too low.
The ideal recipient of a secured credit card is someone who has never owned a credit card or any other type of credit account, such as a loan. Such prospective customers have what’s known as a “thin file”, with minimal data at credit bureaus about their payment activity, and so will especially benefit from the credit history a secured credit card will help to build. Those with poor or bad credit, because of irresponsible credit behavior in the past, can potentially gain the same advantage from a secured card. More even than credit newcomers, these customers’ actions—such as habitual late payments, credit defaults, and bankruptcy declarations—can make lenders apprehensive. And that can leave those consumers with few if any options to rebuild their credit other than a secured card.
What Is A “Good” Credit Score? The FICO credit score chart states the following: Credit score of 750. Excellent. If your credit score is less than 700, then you may have trouble passing credit checks. The US average score is 687, meaning a huge number of people will find their credit card applications declined. Furthermore, just going through an application that involves a credit check can impact your credit score. This may only be by a few points, but every time you undergo a credit check, you will experience this damage to your score. If your score is already struggling, then trying to avoid any additional checks is a wise decision. Find more information at Eastwoodbank’s.