Quick Tip #4

The lower your revolving balances, higher your credit scores.

The higher your revolving credit balances, the lower your credit scores.

Secured Credit Card Comparison Chart

I created a spreadsheet for comparison of the secured credit cards available and have uploaded the file to 4shared.com.  It is a free download, is not able to be modified but you can sort it.

Please let me know what you think!

Secured Credit Card Comparison Chart.xls

Secured Credit Cards to Improve Your Credit Score

In this day and time, I am a big proponent of secured credit cards, this was not always the case.  But with large credit card companies trying to save their own tails, cutting peoples credit lines in half (or less) for little or no reason, closing accounts for one reason or another, secured credit cards seem to be the a way for consumers to have a little control over their credit. This is especially true for those who are trying to rebuild their credit.

The biggest benefits of a secured credit card over a standard unsecured bank credit card is:

• You have control over the credit limit.
• Some secured credit cards will turn into unsecured credit cards, with timely payment history. 
• Secured cards, when compared to low-limit cards for rebuilding credit, have a relatively low APR.
• Because you have control over the credit limit, larger credit lines are possible, resulting in a higher credit score.

Secured Credit Cards

Secured credit cards issued by a variety of banking institutions.  Secured cards look and operate the the same as other major credit cards (only you know it is secured).  The only difference is that in order to be approved you have to open a savings account that is equal to the line of credit desired which acts as collateral for the line of credit. 

The required minimum initial deposit varies by bank, some require as little as $300 to open an account, others up to a $1,000 or more.  The amount of your credit card limit usually matches the amount in your savings account. 

Consumer's can initiate credit line increases with additional deposits made to the savings account tied to the credit line.  Some banks require credit line increases to be requested in $50-100 increments, but deposits can be made in any amount. 

The typical maximum credit line is $5,000.00.  But I have found maximum limits as low as $500 and as high as $17,500.00. 


Some banks will allow a secured card to "graduate" to unsecured status after a period of timely payments (usually between 12-24 months).  But this policy varies by bank and consumers will need to research this during the application process.

Debit Card, Credit Card, Secured Cards - Oh My!

No doubt in your quest to improve your credit you have run across the many different types of credit cards available to consumers - prepaid debit cards, credit cards, secured cards, platinum cards, low interest rate cards and many more.

Most cards you will run into will fall into one of the following categories:

• Debit Cards aka Check Cards
• Pre-Paid Debit Cards
• Low Limit Unsecured Credit Cards
• Secured Credit Cards
• Normal Unsecured Credit Cards
• Vanity Cards

Before applying for new credit, arm yourself with knowledge about each type of card to ensure that your decision will be the best one for your long term credit success.

Top Secured Credit Card Programs

There are a number of Secured Credit Card Programs out there.  Policies and fees vary as well as the approval process for each bank card issuer.  Some cards offer unsecured status after a period of timely payments, other will never become unsecured credit cards.

Below is a list of over 20 Secured Card issurers and links to the appropriate application pages are located in the link section on the main page below.  Be sure to book mark this page and visit often as it will be updated as new information and offers are available.

• Amalgamated Bank of Chicago
• American Momentum Bank
• Applied Bank
• Banco Popular
• Bank of America
• Capital One
• Fifth Third Bank
• First Premier Bank
• Flatbush Federal Bank
• Hartland Bank
• Merrick Bank
• Navy Federal Credit Union
• New Millennium Bank
• Orchard Bank
• Plains Commerce Bank
• Public Savings Bank
• Ranier Pacific
• United Bank of Philadelphia
• U.S. Bank
• Wells Fargo
• Zions Bank

Do you homework and research each card offer carefully to determine the best program for you.  I do my best to provide you with the most accurate and up to date information, but card issuers can change program offers and guidelines without notice.  Please verify ALL information before applying to any credit card offer listed here or elsewhere.