Washington Mutual Secured Credit Card

If you are looking for a secured credit card, then just about every major bank will have an offering available to you.
This provides you with the advantage of choice, thus, allowing you to find a card that will fit your criteria. One great choice for you is a Washington Mutual secured credit card. Now that Chase has acquired Washington Mutual, you can have additional confidence in your credit card issuer. When looking at a Washington Mutual secured credit card, you will need to consider a few things. You will need to research your options in the market, you will need to determine how much you would like to deposit against your account, and you will need to be aggressive in staying current on your card.

Before considering a Washington Mutual secured credit card, you should do some research into your ability to qualify for an unsecured card. Unsecured cards are typically more flexible and are also typically lower cost either through decreased fees or increased awards. In addition, these unsecured credit cards will not tie up any of your funds as collateral, thus, allowing you to put the funds to better use. If however you do not qualify for such an unsecured credit card, then you should definitely consider the benefits of a Washington Mutual secured credit card. This product offers you just about all of the benefits of an unsecured credit card with the exception of requiring you to deposit an amount of money against the card.

When setting up a Washington Mutual secured credit card, one of the most important decisions you will have to make is deciding how much to deposit against the card. The advantage of depositing a higher dollar amount is that you will also have a higher credit limit. Your credit limit is often the same as the amount you deposit. The disadvantage of depositing a higher amount of cash against your card is that you will tie up funds and you can potentially make better use of your money by putting it in some form of investment.

Once you have your Washington Mutual secured credit card, you will need to take steps to rebuild your credit profile. You will do this by paying off your credit card on time every month. Despite a collateral backing, you still need to pay this card by the deadline every month. When you do so, this will be reported to the credit bureaus and so your credit score will rebuild.

Washington Mutual, through Chase, offers some great secured credit card choices. If you are in the market for such a card, then you should research their offerings to find a card that works for you. A secured credit card will be an excellent tool to have in your portfolio of financial tools.


Source: http://www.creditcardsforpeoplewithbadcreditrating.com

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