Looking for secured credit cards that rebuild credit? Did you know that not all secured credit cards report to all three major credit agencies? Whether you are looking to rebuild credit after bankruptcy or recover from past credit problems taking the time to understand the process is just as important as the process itself. If you truly want to make the most positive impact to your credit reports then you should avoid high risk lenders at all costs no matter how enticing their secured credit card offers are. In the long run using high risk lenders like First Premier Bank for example can ultimately hurt your credit scores rather than improve it simply because the issuer is known for extending credit to high risk individuals. In addition you should only select secured credit cards that report your payment history to all three major credit agencies. If you end up using a secured credit card that reports to only one credit agency then you hardly leverage the positive payments you're establishing with that account. It's simple common sense that one positive trade line reporting to all three major credit agencies will make a much greater impact on your credit scores then just one trade line on one credit file. So to save you time and make life easier here's my top three secured credit cards that rebuild credit and meet the standards that I outlined above. Secured Credit Cards That Rebuild Credit # 1 Public Savings Bank Open Sky Secured Visa Credit Card With this card you can choose your credit limit from $200 to $3,000 and best of all there's no credit check for approval. They do charge a flat $50 per year fee but there's no other upfront or monthly charges like you'll see from a lot of other card issuers. Here are some other benefits: *No credit history and no checking account required *Prime plus 6.5% variable APR- Not an introductory rate *They report to all three credit bureaus, so you'll start building your credit fast *Four options for funding your card # 2 Orchard Bank Classic Master Card Now with Orchard bank they do pull a credit check and based on your profile they will either offer you an unsecured or secured credit card. Here are some other benefits: *An excellent credit card for help rebuilding credit scores; reports to all 3 major credit bureaus monthly! *Acceptance at millions of locations worldwide, including website purchases and reservations *Your account information is updated and at your fingertips 24/7 so you can manage it your way *Email and text messages are available to remind you of your upcoming payment due date # 3 Orchard Bank Visa Classic *Reports to 3 major credit bureaus monthly providing you the opportunity to rebuild your credit score! *Acceptance at millions of locations including website purchases and reservations *Your account information is updated and at your fingertips 24/7 so you can manage it your way *Email and text messages are available to remind you of your upcoming payment due date On a final note when you decide to apply for a secured credit card remember there are three main factors that you control which is the credit limit you set, your balance owing, and credit usage. Now if your funds are limited you may have to start out with a low deposit but remember to keep your debt to credit limit ratios at no more than 30% and use your card on a regular basis to establish a consistent payment history.
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