Happy Money Monday!
Credit cards are a great way to build or rebuild your credit, but there’s a catch- a lot of companies require good credit before you can get the card!
If you’re looking to establish or rebuild credit You can get a type of credit card called a “secured” credit card. You give them a deposit of x amount of dollars which becomes your credit limit. Let’s say you give them $200 then u can spend up to $200 a month. The secured credit card companies report your credit history to the 3 major credit bureaus so if you pay consistently on time, that’s how you get or get back good credit and get a card that doesn’t require a cash deposit.
FYI the Discover Secured Credit card after 8 months automatically reviews your account, if you’ve shown yourself to be a good bill-payer, they return your deposit and transition you to a regular, unsecured credit card.
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