4. Secured Credit Cards (2)
Many secured credit cards have a conversion option. This lets you convert the card into a regular
credit card after several months or a year if you use the secured card responsibly. Because regular credit cards typically have lower interest rates and annual fees than secured credit cards, it’s usually preferable to obtain a card with a conversion option.
To find a bank offering a secured credit card, call some local banks or do some surfing on theInternet. Two sources of information are Bank Rate Monitor (www.bankrate.com) and RamResearch(www.ramresearch.com).Avoid 900-number advertisements for “instant credit” or other come-ons. Obtaining a secured credit card through one of these programs will probably cost you a lot—in application fees, processing fees and phone charges. Sometimes you call one 900 number and are told you must call a second or third number. These ads also frequently mislead consumers into thinking their line of credit will be higher than it actually will be.
Don’t use your home as collateral. If you do opt for a secured credit card, make sure it isn’t secured by your home. If it is, and you get behind on your card payments, you could lose your home.
Taken From : Credit Repair by Attorneys Robin Leonard and Deanne Loonin
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