I Tiffany, I want to build my credit but I do not qualify for an unsecured credit card. Could you please give some tips on how to look for a secured credit card so that I can build up my credit?? Sincerely, On My Way Back

Hey On My Way Back!
Great question.
Here are my secured card tips:
1) Use bankrate.com to help you find the best-secured card for you: http://bit.ly/11FjixR. A secured card is one of the best ways to begin rebuilding your credit.
Make sure that:
- You’re cautious of anyone that asks you for outrageous start-up fees (some places try to charge up to $200) or for you to call a 1-900 number that will charge you money.
- You’re sure to ask if your transactions will be reported to all three major credit bureaus. You want them to see that you’re paying off your debts so your score can begin to improve.
- You get a secured card at a bank you want to continue to use for a while. You’ll eventually want to ask if you can switch to an unsecured card with the same bank, so choose wisely. Many banks will make your secured card, unsecured after 3-6 months of regular, on-time payments.
- You automate the use of the card. Do this by placing a small automatic payment on the card each month (ie: magazine subscription, gym membership, phone bill). That bill should be the ONLY thing your secured card is used for.
Then, sign-up for automatic, bill-pay at your bank (this is a free service), and instruct the bank to send the full payment of your bill, from your checking account to your secured card every month. That small charge and payment should be the only activity on your new secured card,
Doing this will create a payment loop effect that eliminates the flawed human element….you. I suggest you leave your secured card at home and allow the loop to work for you without interference.
Paying off a debt in full every month makes your credit score jump like Jordan so be prepared to do the happy-dance. :)
Hope this helps!
Live richer,
The Budgetnista
http://www.livericherchallenge.com/ <<---a FREE resource

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