Financial mistakes happen. Sometimes they happen because of situations out of one’s control and sometimes they happen simply due to irresponsibility. Regardless of how one ends up with poor credit, trying to rebuild it can be a daunting task.
If you have poor credit, you can improve your situation and start rebuilding credit by obtaining a secured credit card. Unlike traditional credit cards, secured cards don’t have a minimum credit score requirement, and rely on a security deposit to offset risk instead. This means that anyone can obtain one, regardless of his credit history.
So, if you are like millions of others who have found themselves in a financial quagmire thanks to the recession or a money mistake, here are a few secured cards that can help you get back on your feet in Salt Lake City.
4 Credit Cards for Rebuilding Credit in Salt Lake City
Bank of Utah’s Secured Visa Card
The Bank of Utah Secured Visa card is a great tool for rebuilding your credit. Your new card will automatically report your activity to the three major credit bureaus, so you can start rebuilding credit fast.
You can choose your credit line between $300 and $5,000 based on your security deposit amount, and can personalize your card with your favorite image.
The annual percentage rate is a variable 17.99%, one of the lowest for secured cards in Salt Lake City, and you’ll pay a $19 annual fee; but overall, this is one of the least expensive secured cards you can carry.
Capital One’s Secured MasterCard
Capital One is a major credit card issuer, and offers those with bad credit the opportunity to carry a secured MasterCard designed to help them get back on track.
Responsible cardholders who make their regular monthly payments on time will be rewarded by receiving regular credit limit increases that don’t require additional security funds to be deposited.
The card comes with a higher APR, at a variable 22.9%, and there is an annual fee of $29. Capital One, however, sweetens the deal a bit by offering a bevy of tools designed to help cardholders monitor their credit.
Bank of America’s Secured Visa Platinum Card
The Bank of America Secured Visa Platinum card is a bit more expensive than the others on the list, with an annual fee of $39 and an APR of 20.24%, but it offers the same deal as some of the other national banks in that credit monitoring is included. If you do well, you can earn an unsecured card in as few as 12 months.
University Federal Credit Union’s Visa Secure Card
If you live, work, attend school, worship or volunteer in Salt Lake County and apply for membership with University Federal Credit Union, you can rebuild your credit with its Visa Secure Card. The fixed APR is 12.99% and you can obtain a credit limit up to $15,000 based on your deposit amount. You only need to use 90 percent of your deposit as a credit line, and there is no annual fee.
The Bottom Line for Rebuilding Credit
Getting a secured credit card might not be convenient or ideal, but these cards offer a solid way to improve one’s credit score without paying a fortune. Regardless of how bad your situation seems, there is no credit report that is so bad that it cannot be repaired.