​What if my credit isn’t good enough to get a credit card? How do I build my credit scores?

Those with negative marks in their credit history may find it difficult to acquire new credit cards. One of the best ways to rebuild credit in this case is by way of using Secured Credit Cards. These secured cards essentially use money that you deposit in advance as collateral for your credit line.

In other words, rather than have a creditor extend you a line of credit like traditional credit cards do, a secured card creditor requires that you deposit an amount of money equal to your line of credit. So if you want a line of credit on your secured card equal to $500, you’ll need to give the creditor $500 in advance.

Then the key is to NEVER charge more than 30% of the limit on that card each month. Be sure to payoff the balance each month AFTER you receive your statement, not before. That way the credit reporting shows you using the card (but not high usage past 30%) and most importantly, that you’re paying back the amounts owed.

It won’t be long before your score starts to improve and you can replace the secured card with a regular credit card.
 
Feel free to contact us with any questions...we’re here to help!