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  • Services
    • Tax Preparation
    • Home Loans
    • Personal Finance Coaching
  • About Us
    • Meet Chad
    • Meet Emilie
    • Chad's Story
  • Client Resources
    • Tax Resources
    • Home Loan Resources
    • Financial Coaching Resources
  • E-News
  • Client Reviews
  • Contact Us
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Build Your Credit Scores

Making Finances Simple. Changing Lives.
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!


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​​© 2023 Peshke Financial Inc., all rights reserved. NMLS #2244878. "Making Finances Simple. Changing Lives." is a pending trademark with USPTO. Material contained in this website is for informational purposes only and is not meant to be construed as direct financial advice for your specific situation. It is recommended that you consult with your own advisors for any personalized financial guidance. Since we’re not licensed attorneys, we cannot provide legal advice. As such, any info contained in this website should not be construed as direct legal advice. Individual Licensure (see profiles) - click here. Send Docs Securely - click here.