Unbanked? Here Are 4 Secured Cards That Can Boost Your Credit Score
News from MainStreet:
NEW YORK (MainStreet) — Prepaid debit cards may be all the rage these days, but those looking to build credit are probably better off opting for a different kind of plastic.
Unlike prepaid alternatives, secured cards, which require customers to put down a sum of money upfront to cover the line of credit and thereby minimize the risk of default, can actually help your credit score as long as the issuer reports the information to Experian, Equifax or TransUnion.
“Unless the disclosure statements specify that they report to the major credit bureaus, I advise consumers to call the issuer and ask if they report to the big three,” says Beverly Harzog, credit card expert with Credit.com. “It’s possible that a secured card issuer will say they report, but if it’s not to the big three, it doesn’t help the consumer.”
Harzog says that most secured cards backed by major banks or issuers are in the habit of furnishing the data, but smaller lenders may not, so it never hurts to double check. To save you some time, here are a few good secured cards that can give your credit score a boost.
Orchard Bank Classic MasterCard
Orchard Bank rem…………… continues on MainStreet