Secured Cards Can Boost Credit Score

By Brian Curtis
|  Friday, Jun 19, 2009  |  Updated 12:25 PM CDT
View Comments (
)
|
Email
|
Print
Secured Cards Can Boost Credit Score

Secured credit cards can put you on the path to a higher credit score.

advertisement
Photos and Videos

Secured Cards Can Boost Credit Score

Secured credit cards are an easy way for consumers to boost their credit scores, according to lender Rodney Anderson.
More Photos and Videos

Secured credit cards are an easy way for consumers to boost their credit scores, according to lender Rodney Anderson at Rodney Anderson Lending in Plano. 

Here's how a secured card it works:

"You deposit your own money, whether it's $200, all the way up to $5,000," Anderson said. "The credit card company gives you a credit card for that amount."

Because it's your money, not the card issuer's, almost anyone can get a secured credit card.

"On most secured credit cards, it's guaranteed approval," Anderson said. "There's no income verification, and there's no credit check."

But just like a traditional credit card, a secured card reports to the major credit bureaus.

"You charge on it once a month. You pay it off, and it helps you build and rebuild your credit," Anderson said.

However, there can be pitfalls. Anderson advises consumers to check the annual percentage rate, minimum deposit and the annual, monthly and application fees.  

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Get NBCDFW on Mobile!
Get NBCDFW's free news and weather... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out