Will a Secured Credit Card Really Help My Credit Score?

Will a secured credit card really help my credit score?

Believe it or not, that’s one of the most asked questions that we get here at the Easiest Credit Card to Get, and believe it or not, the correct answer is a resounding YES.  You see, secured credit cards work just like true credit cards in that you have a credit limit, you make payments, and you actually pay interest with most secured credit cards.  And, just like a true credit card, the secured credit card company reports all of those things to the credit bureaus on a monthly basis.  The only real difference between the two is that, with a secured credit card, you have put down a deposit that is typically equal to your credit limit.

So, how does a secured card help your credit?

Well, as I mentioned, the credit card company reports both your credit limit and your regular payments to the credit bureaus.  This, in turn, helps you to build a solid payment history AND proves that you have available credit.  These are the two most important factors in your credit score.  The TWO most important.  Everything else counts for bits and pieces – these two items are right at 30% of your score EACH.  So, if your credit score is bad – the fastest and easiest way to improve on your credit score it to work on these two things.  And the easiest way to do that is to get a credit card.

But, if your credit score is bad, no one will give you a credit card, right?

How many times have you been turned down for a credit card because your credit score is too low?  If you’re like a lot of people – too many!  But wait, that’s the beauty of the secured credit card – you won’t be turned down!  That’s right, you won’t be turned down for this credit card because you are securing it with your cash.  And the bigger the deposit, the bigger your credit limit.  Want to increase your credit limit?  Increase your deposit!  Want to cancel the card?  As long as the balance is paid off, you’ll get your whole deposit back!

So, how is a secured credit card different from a prepaid card?

You have to put money on both, right?  Right.  But the real difference is in the details… prepaid cards do not, for the most part, do any reporting to the credit bureaus.  They’re not really designed to be used as you would use a credit card, and as such, a prepaid card won’t do anything for your credit score.  Secured credit cards, on the other hand, were designed to function just like a true credit card,  and like having a true credit card, a secured credit card will affect your credit score.

So, if you really want to improve your credit, then get yourself a secured credit card, use it wisely, and watch your score start to go up!

Easiest Way to Save for Vacation

Spring and summer are just around the corner… and that means your annual vacation is just around the corner too!

Have you started saving for vacation?  Maybe you’re planning to hold onto your annual tax refund money and use that for vacation?  Or maybe you’re looking for something else?  Well, here’s an easy way to save for your vacation AND work on your credit score while you’re at it!

Instead of putting that tax refund into a savings account, why not use it to make the security deposit on The First Progress Platinum Elite MasterCard® Secured Credit Card ?

Not only will using your tax refund this way ensure that you’re putting that money away for your vacation, but you’ll also establish a brand new credit card with an available balance that’s equal to the security deposit that you put up when you open the account, and an open account with available credit looks great on your credit report!

You can even save more for your vacation… just put more money into the security deposit whenever it fits into your budget!  When it’s time for vacation, you’ll have the funds you need AND you can make payments on the card (regular payments improve your credit score, too).

What could be better?  Opening The First Progress Platinum Elite MasterCard® Secured Credit Card  with this year’s tax refund is truly a win-win situation!

 

The Easiest Way to Use Your Tax Refund To Improve Your Credit

Thinking about how you’ll spend this year’s tax refund money?  

What if I told you there was a way to use your tax refund to improve your credit score and still be able to take that mini-vacation you’ve been dreaming about?  Or buy that new sofa and loveseat?  It’s true.  You can improve your credit score AND have what you want!  And it’s actually pretty simple… when you get that lump sum of tax refund cash, instead of rushing to the store and spending all your cash, use the cash to open a secured credit card with First Progress Platinum Select MasterCard® Secured Credit Card . Once you’ve opened the account, simply make a security deposit (between $200 and $2,000, you pick the amount), and then use the credit card to buy whatever you originally planned to buy with your tax refund.

When the credit card bill comes in, make your payments on time, every time. In turn, First Progress Platinum Select MasterCard® Secured Credit Card will report your good payment history every month. Within a few months, your credit score will begin to reflect your new payment history, and you’ll have a “line of credit” on your credit report, as well. Pay the balance down to less than 33% and your credit score will go even higher as you prove your creditworthiness. It really is that easy!

Why not get started on your way to an improved credit score today?