Secured Credit Cards With Capital One

It can be challenging to obtain credit when you have poor credit or no credit history.
Most financial institutions rely on your previous credit history to evaluate the risk you pose as a creditor. Your credit score is a reflection of your credit history. Credit scores are based on the number, volume and type of repayments you have made for purchases with credit. A good credit score reflects years of making payments on time. However, it only takes a few missed or late payments to reduce your credit score to the point where financial institutions may see you as a risky bet.

One of the best ways to improve your credit score, or to build credit if you have none, is to obtain a secured credit card. Secured credit cards require you to maintain a savings account associated with the credit card, and your credit limit is based on the amount in that account. By requiring you to have this account, your credit card company or bank is assured you have the means to pay off debt accrued on the credit card.

Most of the ‘Top Ten’ credit card companies offer secured credit cards to those who need to build, or rebuild, their credit scores. Capital One, one of the most well established lenders and card issuers, offers a wide variety of options for secured credit cards. When seeking a secured credit card from Capital One, be sure to evaluate the requirements of the offer as a large financial institution such as Capital One will have many options so you can find the perfect offer for you. Assess your needs and ability to maintain a balance in a savings account, and ask about the fees and interest rates associated with the secured credit card offers. Finally, as most secured credit cards allow you to spend a percentage of the total amount in your savings account, be sure that you know what your maximum spending limit will be and evaluate if this will meet you spending needs.

Benefits of obtaining secured credit cards with Capital One are obvious. First, through successful payments for purchases made with these cards you will rebuild your credit score. A positive credit score will allow you to have more purchasing power for large purchases, such as cars and homes. Second, establishing credit with a top lender like Capital One will also guarantee that your successful payments are reported to the multiple major credit bureaus. Additionally, with an improved credit score and positive relationship with Capital One, you will be a good candidate for an unsecured credit card in the future.

If a poor credit score is preventing you from qualifying for credit, consider getting secured credit cards with Capital One. It could be the beginning of a great financial relationship.



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