September 12, 2006 1:12 AM
How To Use A Credit Card To Establish Good Credit?
If you have poor credit or no credit, secured credit cards can be a good stepping stone to better credit scores.
But people who have never had credit or need to repair a poor credit history may not qualify for a regular credit card. For them, a secured credit card may be the only way to establish, or re-establish, credit.
A secured card is a credit card established by depositing money into an account. The account serves as security for the card; if the bill isn’t paid, the money in the account may be used to cover that debt. For example, if you put $500 in the account you can charge up to $500. You may also be able to increase the deposit to add more credit, or sometimes a bank will reward you for good payments and add to your credit line without requesting additional deposits.
The interest rates and fees on secured cards tend to be lower than those charged on unsecured credit cards targeted toward people with poor or no credit.
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