Credit score advices to receive the best secured credit cards

Premium secured credit cards with no credit checks with The Credit Builder Secured Visa® Credit Card from Armed Forces Bank makes it easy to increase your credit line over time to give you greater flexibility and keep your credit utilization low. You can increase your limit in $50 increments simply by depositing more money at any time. The no-annual-fee Navy Federal Credit Union® nRewards® Secured Credit Card earns rewards, offers an upgrade path and even features some perks, which is a lot from a secured product — if you can swing the membership and security deposit requirements.

Who should get this card? If you don’t have a bank account and/or your credit check would make a traditional credit card issuer avoid your calls, an OpenSky secured credit card may be just what you’re looking for. But there’s no reason for most people to pay the $35 annual fee. We caution most consumers to avoid paying such fees on secured cards, as there are plenty of annual-fee-free options for consumers with limited credit.

The Citi® Secured Mastercard® is a straightforward card for people new to credit — put down a security deposit, use the card to establish a positive credit history and then move up to a better card (and get your deposit back). One note: This card is for people just starting out with credit, rather than people with bad credit from past mistakes. Read our review. The OpenSky® Secured Visa® Credit Card charges an annual fee, but a lot of people will still want to take a look at it for two reasons. First, there’s no credit check required. Second, you don’t need a traditional bank account; you can fund the deposit or pay your bill with a money order or Western Union payment.

Provided you make on-time payments with a secured card, your security deposit remains untouched and is remitted back to you should you ever close the account. Some issuers even pay you interest on the deposited funds. In time, given a positive record of making payments, issuers may grant you a credit limit that exceeds the security deposit. Eventually, the issuer may also offer you the option to upgrade to a regular—that is, unsecured—credit card. In many cases, that allows the account to remain open, and its increasing age to be an asset to your credit record, which generally rewards having older accounts. If that option isn’t available, though, one can simply close the secured account and apply for an unsecured card once you’ve attained a solid credit score. The free score-monitoring feature offered by most secured cards allows you to track your progress.

What Is A “Good” Credit Score? The FICO credit score chart states the following: Credit score of 750. Excellent. If your credit score is less than 700, then you may have trouble passing credit checks. The US average score is 687, meaning a huge number of people will find their credit card applications declined. Furthermore, just going through an application that involves a credit check can impact your credit score. This may only be by a few points, but every time you undergo a credit check, you will experience this damage to your score. If your score is already struggling, then trying to avoid any additional checks is a wise decision. Find even more info on 2021’s Best Secured Credit Cards.