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What is a secured credit card? And why would you need it?

What is a secured credit card? And why would you need it?

I know there are many of you out there that are trying to rebuild your credit or just establish credit and secured credit cards are always one of the things I highly suggest to my clients.

A secured credit card works just like a credit card with one major difference; a secured credit card required a security deposit in which your credit limit matches your security deposit amount.  Your are able to increase your credit limit at anytime, they usually start secure credit cards with a minimum of $200.  You are able to get them at your bank or could compare different companies that you can find online but you will want to do your homework as to which ones is best for you due to some having annual fees or set up fees.

Secured credit cards are used for those who need to establish credit, wether they have no credit or are rebuilding their credit.  They report to all three credit bureaus and even if you don’t actively use them they show “in good standing”  which reflects positively on your credit and this can help improve your fico scores.

We have recommended many of our clients in getting these because of either having NO credit or if they are in need of rebuilding positive credit due to bankruptcy, foreclosure, past credit debt, etc.

For more information please visit:

If you have any questions please give me a call or send me an email. If you would like to apply online please click here


Ray Williams

Branch Manager

Summit Home Mortgage

303-779-0591 ext. 101

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