As we’ve discussed, an important factor of rebuilding and maximizing your credit scores is re-establishing credit tradelines. With the continuing tightening of lending standards that exist today, the most feasible way to go about re-establishing credit is by opening a secured credit card.

Historically there have been many attractive secured credit cards available but the bigger banks are starting to buy up those companies and impose their higher fees and higher interest rates on the cards.

There are 3 main things to consider when shopping for a secured credit card:

1. Make sure that the secured credit card is being reported to ALL three of the Credit Reporting Agencies. If they don’t report to all 3, there is no benefit to your credit scores for opening this card.

2. Fees. Some charge monthly fees while others charge annual fees. Whichever one you choose, make sure the fee structure is reasonable.

3. Interest rate. Some cards offer a lower introductory rate but then drastically raise the rate. Make sure you read all the fine print and know what you’re getting before you choose to open the card.

Also, as a reminder, remember to always keep your balance at less than 33% of the available credit limit.

Pegasus Credit Repair helps to repair your credit reports and improve your credit profile. To learn more about how you can begin repairing your credit reports, visit us at http://www.pegasuscreditrepair.com/

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