4. Secured Credit Cards
Many people with poor credit histories are denied regular credit cards. If your application is rejected,
consider whether you truly need a credit card. Millions of people get along just fine without them.
If you decide that you really need a card—for example, you travel quite a bit and need a card to
reserve hotel rooms and rent cars—then you can apply for a secured credit card. With a secured
credit card, you deposit a sum of money with a bank and are given a credit card with a credit limit
for a percentage of the amount you deposit—as low as 50% and as high as 120%. Depending on the
bank, you’ll be required to deposit as little as a few hundred dollars or as much as a few thousand.
Unfortunately, secured credit cards can be expensive. Many banks charge application and processing fees in addition to an annual fee. Also the interest rate on secured credit cards is often close to 22%, while you earn only 2% or 3% on the money you deposit. And some banks have eliminated the grace period—that is, interest on your balance begins to accrue on the date you charge, not 25 days later. If you find a card with a grace period and pay your bill in full each month, you can avoid the interest charges.
Taken From : Credit Repair by Attorneys Robin Leonard and Deanne Loonin
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