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How To Get Credit When You Don't Have Any Or Your Credit History Is Bad

How To Choose A Secured Credit Card

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If you have a choice among various secured credit cards, look for one that:

  • Has no application fee.
  • Allows a credit limit greater than the amount of money you deposit with the company.
  • Does not charge excessive interest on the outstanding debt.
  • Has no annual fee.
  • Is reasonable with respect both to the amount of other fees and when they are charged.
  • Pays interest on the money held as collateral for repayment of the credit.
  • Sends in reports to the credit bureaus. Ideally, the company won't report the account as a secured account.
  • Offers credit life and disability insurance, and waives premiums if you become unable to work.
  • Does not require you to purchase insurance.

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