Bad Credit or No Credit?

Don't worry, there is a solution. Even if you are lacking in credit history or your you have history but it's not so great there is a way that you can build anew!
Let's talk about Secured Credit Cards.

Risk is the question

If you have very little credit history or poor credit you pose a risk to lenders as they are not sure if you will repay and as such are hesitant to lend credit to you.

​One way around this is through collateral, via a refundable security deposit.

Deposit is the answer

Generally, the amount of the security deposit will determine your credit limit, although some card issuers may offer a higher credit limit than your deposit.

If you default on your credit card bill, the card issuer may be able to use your deposit to pay off the balance. If you cancel your card or convert it to an unsecured card later on, you'll get your security deposit back as long as you've paid off your balance.

Aside from the security deposit, a secured credit card works just like any other credit card. You can use it in the same places that accept unsecured credit cards, and no one will know that it's secured.

So how does this actually help?

Lenders are more likely to approve you because the deposit eliminate risk for the card issuer. The lenders will still check our credit history but their credit score requirements are much more lenient. In fact some secured credit cards may not even have a score requirement.

So I have a card now what?

Now that you are approved for a card you can begin to use it to build positive credit history. Use your card. Pay your card. Repeat. 

Ok, I've been making my payments and building good credit whats next?

Many secured credit cards can be converted to an unsecured card after you have demonstrated the ability to make 12 months worth of on-time payments and in doing so have improved your credit score.
Even if your secured card does not allow for you to convert to an unsecured card, after 12 months of responsible use and payments your score may have increased enough for you to apply for an unsecured card.

Which Card Should I choose?

First Progress Platinum Prestige MasterCard®
​Secured Credit Card

Apply Today

• ​No Credit History or Minimum Credit Score Required for Approval
• Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
• Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
• Nationwide Program though not yet available in NY, IA, AR, or WI *See Card Terms.
• Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file

First Progress Platinum Select MasterCard®
​ Secured Credit Card

Apply Today

• ​Receive Your Card More Quickly with New Expedited Processing Option
• No Credit History or Minimum Credit Score Required for Approval
• Quick and Complete Online Application
• Full-Feature Platinum Mastercard® Secured Credit Card
• Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
• Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
• Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
• Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
• 24/7 Online Access to Your Account
• Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.
• Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file

First Progress Platinum Elite MasterCard®
​Secured Credit Card

Apply Today

• Invest your tax refund to improve your credit by making the refundable deposit for your new secured card today
• Receive Your Card More Quickly with New Expedited Processing Option
• No Credit History or Minimum Credit Score Required for Approval
• Quick and Complete Online Application
• Full-Feature Platinum MasterCard® Secured Credit Card
• Nationwide Program though not yet available in NY, IA, AR, or WI *See Card Terms.
• Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file

​OpenSky®
​Secured Visa® Credit Card
​

Apply Today

• No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
• The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
• Build credit quickly. OpenSky reports to all 3 major credit bureaus.
• 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
• We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
• OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
• *View our Cardholder Agreement located at the bottom of the application page for details of the card.

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