Secured Credit Cards

Your credit score is comprised of the sum of a multitude of factors in your financial history. I.E. How timely you make your payments, how much total debt you have, how much of your total available debt you have left to tap and your income in relation to your debt. (Which is an indication of your ability to repay the debt).

All these factors are extremely important in determining your credit score (FICO score), but lenders put the most weight on your most recent credit history. In other words, they want to know how you are handling your credit responsibilities now.

If you want to improve your credit scores fast, the two most important things you can do are to:

1. Clean up your credit reports by removing any incorrect information in them and by adding any missing helpful information. You can find more details on what to do and how to do it at Credit Secrets Revealed.

2. If you have no debt now, you need to get some so you can start to build a good history of managing your debts responsibly. If your credit is shot, which makes it difficult for you to get credit, consider getting a secured credit card.

You’ll make an initial deposit to the credit card company, which becomes your credit limit. After making timely payments to them for a period of time, (usually 12 to 18 months) the card will revert to a regular credit card and you can get your deposit back.

Here are the two best secured credit cards recommended by Credit Dot Com, to help you rebuild your credit ratings:

Once you prove that you can handle credit responsibly, more credit opportunities will open for you. Just be sure to do the right things while you work to rebuild your credit scores; pay your bills on time, or early, and keep your credit balances low.