If you're one of the many Texans struggling with a below-average credit score, it can be tough to feel like you're ever making progress with your finances. Thankfully, there's a tool to help you get back on track. For those looking to rebuild or repair their credit score, Amplify Credit Union has an exclusive offer on our secured credit cards. With the help of a trusted Amplify advisor, nothing is stopping you from fixing your credit and getting on with your life.
What Is a Secured Credit Card?
If you are trying to improve your credit score, adding another credit card might seem like the worst idea in the world. Fortunately, secured credit cards are the perfect tool to help you repair your credit score. Much like a debit card, secured credit cards require you to put down an initial deposit - your subsequent transactions will draw against that balance, effectively capping your spending against the money you already have. The best part? Unlike a debit card, each of these transactions is reported to the three major credit bureaus, allowing you to establish a strong payment history quickly.
When Should You Get a Secured Credit Card?
For those working to improve their credit score, a secured credit card can be a useful way to re-establish a solid payment history without paying an abundance of penalties or fees. With limits as low as $300, you also don't need to have a lot of cash on hand to lock in a secured credit card. If you want to teach money management principles to a family member, these cards can also be a great way to establish a new credit history for a loved one. Whether you're a teenager headed off to a college or an adult taking control of their own finances, a secured credit card can be a great way to start building to something better.
Make sure you pay AT LEAST the minimum on or before the due date.
Set up automatic payments for either the full balance or minimum due.
Ideally, don’t carry more than one half of the credit limit on the card
You are eligible to review your credit report once per year at not charge. Credit report should be reviewed for any errors.
* Subject to credit approval. The creditor and issuer of these cards is Elan Financial Services, pursuant to a license from Visa U.S.A. Inc.