Credit Cards To Help Build Credit

by


If your looking for credit cards to help build credit, you won't have to look far. There are, in fact, many sub-prime credit card companies willing to issue a secured or unsecured credit card to help you build or restore your credit.


Three credit cards to help build credit are available from Orchard Bank, Applied Bank and First Premier Bank. They both have unsecured and secured credit cards available. If you are approved for a unsecured credit card, you will be issued a minimum line of credit of $250, but they will increase your credit limit if you make on-time monthly payments for six months. If you are not approved for a unsecured credit card, these companies will offer you a secured one. Secured credit cards are a great way to rebuild your credit. Most secured credit card companies require a deposit equal to the credit line your are seeking. Make sure they report your payment monthly to the major credit bureaus. Making your payments on time monthly will increase your credit rating. You will also get you deposit returned to you after one year, turning your secured credit card into a unsecured credit card.

Credit cards to help build credit may come with annual fees and higher interest rates. Be sure to make you payments on-time and you will be able to qualify for more appealing credit cards with lower interest rates and no annual fees in the future.

If a company denies your application, you have the right to the name and address of the credit reporting company they contacted, provided the denial was based on information given by the credit reporting company. When creditors evaluate a credit application, they cannot engage in discriminatory practices. The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance. Creditors may ask for this information (except religion) in certain situations, but they may not use it to discriminate against you when deciding whether to grant you credit.