If you currently do not have a credit card open, and you would like to have good credit, you must establish yourself with one. Many of you may ask, “If I do not have any credit, or have bad credit, how am I going to get approved for one?”. That’s a great question that many of my clients ask.
Secured cards are meant for people with no scores or less than perfect scores. They are labeled as “Secured” because they are actually secured with a refundable deposit that you must provide before they will issue you a card. After the expiration of the “probationary period” they typically will refund your deposit. You must keep the card in good standing in order to be eligible for the refund of the deposit.
Be careful! Many of the companies that issue these cards have hidden fees that you will not be aware of unless you carefully read the terms and conditions of the card agreement.
Also, if you are considering going out and applying for an unsecured card, you may want to consider trying to open a gas card or department store card before applying with a major bank or lender such as Chase or American Express. They typically have higher requirements on who they will issue an account to. You do not want to endure the loss of points in your score in by applying for an account that you will be denied.
Most clients that come to us are not approved for unsecured cards. For a list of our approved secured credit card partners, see this page.
If you have any questions or comments, give us a call at 214-207-1907.
Or, submit your information via our contact form and we will reach out to you for a introductory consultation.