05/08/2020
Why do I need a beginner card anyway? Secured credit cards help those with a thin credit file( little to no experience with credit) build credit and prove they have the ability to manage lines of credit.
Lenders like to see that a consumer can manage multiple lines of credit at once. So, in order to build your credit score there are minimal standards that needs to be met. You’ll need two revolving accounts (credit cards) and they must be open, active, and have good payment history. Need to build your credit? Check out the secured cards below.
🌳💳Credit Builder Card- This card requires a minimum deposit of $200 and the available credit limit will remain at $200 with no option to increase. This is literally a starter card. If you don’t trust yourself or want to see how you’ll behave with a credit card this will be your best option.
https://www.creditbuildercard.com/greenwood.html
🌳💳BCU Launch Card- This card can be in your wallet with a minimum deposit of $150 and the available credit limit can be increased at any time in $100 increments by depositing the money in your savings account.
https://www.bcu.org/.../United.../Credit-Builder-LAUNCH-CARD
🌳-Suntrust Secured Credit Card - This secured credit card offers cash rewards and a free FICO score. Suntrust makes graduating to an unsecured card seamless.
https://www.suntrust.com/credit-cards/secured-card
🌳-First National Bank of Omaha Kickstart Card- Open with as little as a $300 and FNB gives regular credit limit increases without additional funds being deposited. Your card can graduate in as little as 11 months of on time payments.
https://www.fnbo.com/personal-banking/credit-cards/visa-secured-card/
🌳-Capital One- Capital One is a great option because they don’t require a full deposit to secure an account. Upon completing the application they will require deposit ranging from $49-$200. they frequently give credit limit increases when you manage the your well
https://www.capitalone.com