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Try Building Credit With  Secured Credit Cards And Credit Building Loans

Written By Jovan Ransom on May 15, 2018
    Whether you are just beginning or restoring credit you should consider secured credit cards and credit building loans. If you are looking to build credit and tired of looking around for a lender to to give you an opportunity to establish credit. The process can affect your credit negatively by racking up hard inquiries from companies pulling your credit report. Just to recieve a denial letter in the mail of why you weren't considered the aplicant of their choice. 

    It can be stressful and depressing. Don't they understand that you are trying to show them you are worthy of their credit? It can feel like that at times. I have been there too so i more than understand. If this is you i suggest considering secured credit cards and credit building loans. These two credit building options are great for responsible individuals looking for a easy and proven way of establishing credit. 
   

Credit building loans are loans that are for individuals with issues establishing or improving credit. Credit building loans don't require previous credit but you do have to show that you have the income to make the payments for the loan. Your on time payments are reported to the credit bureaus showing future lenders a pattern of payment. Banks and Credit Unions are traditional places to look for credit building loans. There are also several online lenders available if you are from an area where traditional outlets aren't. 
 
​​Secured credit cards are great tools in building credit. The difference between secured credit cards and regular credit cards is collateral. Secured credit cards use this collateral to start credit. Security deposits are to use as collateral just in case you default. With responsible spending and timely payments Secured credit cards build credit and act as restoring tool for individuals looking to improve their current credit. 
  There are several secured credit card companies so i suggest doing some research. The frequency of when the card reports to credit bureaus should be one of your first concerns. Be sure to compare Annual fees, interest rates, ability to raise credit limit and refund policies. Some cards Allow you to start your card for less than 50 dollars, but 200 deposits seem to be the normal deposit amount. Most cards have low credit score requirements if any at all.

Payments And Patience

Always Compare Rates

The best way to build credit scores is making your payments on time. After establishing payment patterns your credit scores will grow.
 
Interest rates are important. Don't neglect comparing interest rates when shopping for loans and credit cards.