Secured credit cards

With secured credit cards, a predetermined security deposit is needed. This deposit generally must be of equal or greater value to the amount of credit offered. Collateral can come in the form of cars, boats, jewellery, stocks or something else of value. Often, cards that help to rebuild credit come with low credit limits (£250 or so). Additional fees may apply. Be sure to read the terms and conditions. Down the road, if you use the card responsibly and pay all your bills on time you can ask for a credit increase. The extra fees and low credit lines will be worth it if a secured credit card helps you get your overall credit rating back on track.