'Secure Credit Cards' help boost your credit score - Spokane, North Idaho News & Weather KHQ.com

'Secure Credit Cards' help boost your credit score

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DALLAS, Texas. - Ever since the financial meltdown, your credit score is more important than ever, but a lot of people are discovering they don't make the grade.

Here is an easy way to boost your credit score and get back to business. It's called a secure credit card.

Lender Rodney Anderson says "you deposit your own money, whether it's 200 dollars all the way to 5,000 dollars. The credit card company gives you a credit card for that amount."

Anderson says you determine how much credit to give yourself, and there's no way to go over that limit.

"You charge on it once a month. You pay it off, and it helps you build and rebuild your credit," says Anderson. 

Anderson says, "On most secured credit cards, it's guaranteed approval. There's no income verification, and there's no credit checks."

Just like regular credit cards, not all secured credit cards are the same. Do your homework and make sure you understand the terms.

Check the annual percentage rate and minimum deposit along with the annual fee, monthly fee and application fee.

"You can get feed to death on these secure credit cards," says Anderson.
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