Credit Repair Your Credit Report With a Secured Credit Card
If you have been using credit irresponsibly and finally decided to do something about it, you can start by getting a few secured credit cards to rebuild your credit history.
You might have now come to the realization that your in no position of getting a loan to buy a house and qualifying for a home loan is even more difficult with a flawed credit report. It may have been a combination of being a struggling college student or not being well informed about the repercussions of mishandling a credit card (paying late, or not paying at all when you didn’t have the money).
With some research, maybe you have decided to get a secured credit card to hopefully improve your FICO Score. You might also be trying to clean up your credit report as much as possible by taking care of the negative items on it. Either way, here are the two secured credit cards you might want to consider to get your credit back on track.
When applying for a secured credit card, you shouldn’t be interested in a low APR credit card — your plan shouldn’t be to buy things with it, but to make small purchases and pay everything in full each month so you can improve your credit. Keeping a balance of $100 and making $25 payments works even better to show your responsible in making on-time payments.
The two cards mentioned will work well if used properly. The Wells Fargo Credit Card requires you to have a checking account with them or Wachovia and the Capital One Credit Card, which though the $29 annual fee is not waived, you can qualify for a $200 limit with only a $49 refundable deposit.