Credit Cards That Rebuild Credit

Looking for secured credit cards that rebuild credit?

Did you know that not all secured credit cards report to all three major credit agencies?

Whether you are looking to rebuild credit after bankruptcy or recover from past credit problems taking the time to understand the process is just as important as the process itself.

If you truly want to make the most positive impact to your credit reports then you should avoid high risk lenders at all costs no matter how enticing their secured credit card offers are.

In the long run using high risk lenders like First Premier Bank for example can ultimately hurt your credit scores rather than improve it simply because the issuer is known for extending credit to high risk individuals.

In addition you should only select secured credit cards that report your payment history to all three major credit agencies.

If you end up using a secured credit card that reports to only one credit agency then you hardly leverage the positive payments you’re establishing with that account.

It’s simple common sense that one positive trade line reporting to all three major credit agencies will make a much greater impact on your credit scores then just one trade line on one credit file.

So to save you time and make life easier here’s my top three secured credit cards that rebuild credit and meet the standards that I outlined above.

Secured Credit Cards That Rebuild Credit

# 1 First Progress Platinum Prestige MasterCard® Secured Credit Card

With this card you can choose your credit limit from $200 up to $2,000.

There is a small annual fee but no other upfront or monthly charges like you’ll see from a lot of other card issuers.

Here are some other benefits:

• 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.

# 2 OpenSky® Secured Visa® Credit Card 

Here are some other benefits:

• Build Your Credit fast with our monthly reporting to all 3 major credit bureaus.
• Choose your credit line as low as $200 up to $3,000, secured by a fully-refundable* security deposit.
• Avoid paying interest,  no interest charged on new purchases if the balance is paid in full by the due date each month
• Security deposit needs to be submitted before the credit card can be issued.
• No credit check necessary and no checking account required; apply in less than 5 minutes.
• *View our Cardholder Agreement located at the bottom of the application page for details of the card.

# 3 The First Progress Platinum Elite MasterCard® Secured Credit Card

• 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(R) Secured Credit Card
• Nationwide Program though not yet available in NY, IA, AR, or WI

*See Card Terms.

On a final note when you decide to apply for a secured credit card remember there are three main factors that you control which is the credit limit you set, your balance owing, and credit usage.

Now if your funds are limited you may have to start out with a low deposit but remember to keep your debt to credit limit ratios at no more than 30% and use your card on a regular basis to establish a consistent payment history.

What other ways are you rebuilding or repairing your credit history?

Looking for other ways to rebuild your personal and business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value) =>

About the author

Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for AllBusiness.com, a subsidiary of Dun and Bradstreet and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.