When looking to rebuild your credit, many people come across a secured credit card.  I’m sure by now, you’ve done some research on the card but there may be some questions that you may have that confuse you.  Don’t worry, you’re not the only one.  I’m going to show you some common questions that many people like you and I have about secured credit cards:

Where can I apply for one?
Website like FINDsecuredcards.com are a great place to look for credit cards that are “secured” only.  What you may find on a lot of other sites is that they will offer more than a secured card, which will tend to confuse the person trying to apply.  It’s best to stick to a site that offers credit cards only designed to rebuild your credit.

What should I look for?
Some companies may try to scam you when it comes down to a secured card.  There are a few things you’re going to want to look for just make sure that they are 100% legitimate:

• Look for a major credit card logo like Visa and MasterCard.
• Make sure that the credit cards report to the 3 major bureaus.
• Check with the BBB to ensure yourself that the companies you’re working with are legitimate.

Do I have to deposit money?
Yes, all secured credit cards will require that you deposit a set amount of money.  This deposit will generally be your credit limit.  If you have to deposit $500, your credit limit will be $500.  If you don’t pay your bill off in time, the credit card company will have that $500 to rely on, so that they don’t get screwed again.  Remember to learn from your mistakes the first time.

Will it help re-build my credit?
Yes.  As long as you apply for a card that reports to the three major credit bureaus, it’s going to report.  If you apply for a credit card that doesn’t report, it won’t make sense to carry it.  Use this card as if it was your first credit card.  Make your payments on time and never miss a payment.  If you can follow these simple techniques, your credit score will sky rocket in no time.

My credit is awful, will I get approved?
As long as you can fund your credit card with the proper amount, you’ll most likely get approved.  Most people are generally under the assumption that it’s like a regular credit card but this isn’t the case.  Credit card companies know that you’re trying to build your credit and as long as you can show them the money for your deposit, they won’t care.

Hopefully by now, you have a better understanding on how a secured card works.  If not, be sure to browse our blog for more information.  If you want to ask more questions, feel free to e-mail me at admin[at]findsecuredcards.com.

Fixing debt isn’t an easy task but if you put your heart into it, it can be pretty easy to accomplish the task.  In the long run, it only takes money to get rid of your stress.  When people fall into debt, it sometimes becomes confusing on how one can educate themselves on ways to fix debt.  One way, you can fix debt is simply by subscribing to some magazines.  Not only will these magazines explain how you can save and fix debt, they will give you personal finance tips, along with retirement advice, and everything else money related.  Here’s the top three I came up with:

Smart Money

Smart Money magazine is from the creators of the wall street journal.  With Smart Money, you’re going to get articles from every aspect.  From learning how to get out of debt to how to save $1,000 the easy way, Smart Money has a little bit of something for everyone.  The thing I like about this magazine is you’re able to take the simple advice they give you and put it straight to action.  Some magazines, the advice they give you is sometimes too hard to comprehend and implement.

Kiplinger’s

I personally love Kiplinger’s magazine.  Anything you can think of financially related, this magazine covers it.  Some of topics you’ll read about in this magazine are ways to plan for college, taxes, how particular investments are doing, information on the stock market, home ownership, and advice on what to do with big purchases like buying a car and home.  Kiplinger’s is great if you’re looking for a monthly tool that will educate you about money and everything that revolves around it.

Inc.

Inc. magazine, just like Kiplinger’s focuses on a lot of topics and presents it in a way which you’ll find very entertaining.  A major complaint that most people have about money magazines are that they are too boring and the articles are geared toward a investing savvy based crowd.  Some of the topics you’ll read about in Inc. are how you can manage your money, whats going on with technology, and much, much more.

There are a lot of magazines on the market that focus on helping you fix your debt.  Not only that, you’re going to get so much more than that.  For less than $10 a year, you can educate yourself a lot on anything financial.  I highly recommend you check out some of these choices above and subscribe today!