Secured Credit Cards and Your Credit

Rightly or wrongly, one of the most significant factors in your perceived financial responsibility and trustworthiness is your credit score. Potential lenders, landlords, and even employers will likely take a look at your credit score as reported by one or more of the major credit bureaus, and what they find will play a significant role in determining whether you are approved at all, and if you are, what the terms of your resulting agreements will be. If a series of unfortunate events has damaged your credit score but you are prepared to begin rebuilding, a secured credit card can be a valuable tool.

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Questions to Ask

Perhaps credit card spending was one of the things that dragged your credit score down, so it may seem counterintuitive that another card might actually be helpful. The key is managing a credit card account responsibly, and secured cards motivate this behavior in some measure by requiring you to fund the initial balance. Since it is your own money from the outset, you may be more likely to pay strict attention to what becomes of it as you make purchases and submit your monthly payments. If you handle it successfully, the deposit that you made may be returned to you, your credit limit may be raised, or both of these things might occur at the discretion of your financial institution.

A few questions to ask yourself or the bank or credit union that may grant you a secured credit card are:

Will you be able to withstand the initial deposit? Will you be able to pay the balance in full and on time each month? What fees will you have to pay in order to hold the card? Does the bank report your account history to all three credit bureaus? If You Worry It May Be Too Late

Financial struggles can be incredibly stressful, and it is important that you understand that there are options available to put an end to this needless strain. Visit the website of the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., to learn more.

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