Build or rebuild a solid credit history

Written by Steve on September 4th, 2008

For many individuals with damaged or bad credit, there can be few options when it comes to the world of credit cards. Even the cards that are marketed towards individuals that fit the damaged credit profile are often not offered in scenarios where the credit scores or history are too low. A good option is a secured credit card like the Bank of America Secured Visa Credit Card.

This card helps you establish a credit history and demonstrate a positive repayment history for people with bad credit. You can deposit between $300.00 to $10,000.00 into a Bank of America security deposit account. Then your credit line will directly reflect the amount of your deposit. You can make purchases with your card up to the amount you have in your account. As long as you make the minimum payment before the due date each you credit should increase. Keep in mind however that your security deposit doesn’t cover the minimum payments each month; those have to be made. Then based on your credit and payment history with the secured card, you many qualify for an unsecured credit card with Bank of America at a later date.

There is a small annual fee of $29.00 and a $4 fee for balance transfers but that is a small price to pay for repairing your credit. Additionally the card comes with all the benefits and protection of an unsecured Bank of America credit card. Its nice to know that there are options out there even for those of us with bad credit.