Three of the Best Secured Credit Cards for Rebuilding Credit

Secured credit cards are a great way to rebuild your credit. But how do you know which ones to choose? Here are three reputable ones to help you get back on the right financial track fast.

Rebuilding your credit is not easy to do. Depending on the amount of debt you owe and your history of late payments, building a respectable credit score may be downright difficult. But several credit card companies offer secured accounts to help those who have fallen on hard times and are trying to pick themselves back up. Here are three of the best secured credit cards designed to help you rebuild your credit and get back on the right financial track.

Capital One Secured MasterCard
This secured credit card is not cheap, but it will help you rebuild your credit. This card includes a 19.8 percent APR on your balances which is what many unsecured credit cards top out at. As a result, it is smart to carry low balances on this card and pay it off at the end of each month. Your payments on this account are reported to all three major credit reporting agencies which can increase your score tremendously if you are on time every month. After showing that you are responsible with the credit afforded on the account, you can also get your limit raised without any other deposits. The Capital One Secured MasterCard even offers its credit monitoring service for free to cardholders.

Orchard Bank Secured MasterCard
The secured MasterCard offered by Orchard Bank is one of the best secured cards in the industry. It has a low APR of only 7.9 percent and the company waives the $35 annual fee for the first year. After showing a history of on-time payments, you could qualify for an unsecured version of the card and eliminate the annual fee. Orchard Bank will report your payments to all three major credit reporting agencies to help rebuild your credit on all three reports. Be sure to keep a low balance to help increase your score even more.

Wells Fargo Secured Card
The Wells Fargo secured credit card will consider you for an account as long as you have not declared bankruptcy or if you have been out of bankruptcy for at least a year. It has an $18 annual fee and a 16.49 percent APR, both of which are decent numbers in the unsecured card industry. Wells Fargo regularly evaluates your account and you payment history and you may get your security deposit refunded as well as qualify for an unsecured card. Because of the name recognition of Wells Fargo, you may also look better to mortgage lenders and other lenders so you can get better rates.

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