Question
I am currently in the process of repairing my own personal credit from a student loan default and they are in the rehabilitation process. I am extremely interested in located a secured card that doesn’t report as secured on my credit report. Can you please suggest some to look at?
Response
I recommend that you check out Open Sky Secured Visa Credit Card. Most of these cards will not show up as secured on your credit report. Here is a direct link to their secured cards.
Take Home Point
If you have ever said to yourself, “How am I suppose to build (or repair) my credit when no one will issue me a credit card”, the answer is a secured credit card.
Secured simply means that the credit line is secured by you (i.e., you have to deposit the money before they will issue the card and when you close the account, the money is returned to you). Thus, the credit card companies will issue the card to people with poor credit because it doesn’t represent any risk. The advantage to you is that they (in most cases) report monthly as simply a credit card on your credit report.
I used a secured card as my first “credit repair card” and kept it open for two years to accrue some age on the account. This is a great way to start the credit repair process.
I thank you very much for this information. I just applied for one of the secured cards on credit.com… crossing my fingers 🙂
Can you please better explain what the “secured” means?.. I understand that the credit is secured but why do you have to make a deposit… how is this credit?
I just got approved for an Applied Bank secured credit card — my credit score is around 500, thank you! This does work!
Anyone can get a secured card if you just had a BK , I would use Orchard Bank Credit Card— You credit limit will be your deposit – sometimes your just approved for 300 ..
goodluck
Nice information. Thanks