Finance - http://setbanking.com
Steps to Building Your Credit Again
http://setbanking.com/articles/16256/1/Steps-to-Building-Your-Credit-Again/Page1.html
Tom Tessin
Tom Tessin runs FINDcollegecards that focuses on students looking for student credit cards. 
By Tom Tessin
Published on 01/10/2010
 
If you’re out there looking to fix your credit, whether it’s because you spent too much in the past, or maybe you declared bankruptcy I wanted to show you the path that you can take today in order to get your finances back in control, and how you can rebuild your credit again

If you’re out there looking to fix your credit, whether it’s because you spent too much in the past, or maybe you declared bankruptcy. I wanted to show you the path that you can take today in order to get your finances back in control, and how you can rebuild your credit again.
The process is simple, and it all has to deal with a secured credit card.

What is a secured card?

This type of credit card is designed for anyone that is over the age of 18. You can have great credit, or bad credit, and you’re going to get approved. Now, if you have great credit, I would recommend that you don’t apply for it, because they are usually high in fees, and don’t offer you anything in terms of rewards.

What the banks will ask for is a deposit. This deposit is going to range from $200 to as much as $500. This is all going to vary on the bank that you’re going to bank with. They are going to take this deposit, and will now become your credit limit.

Let’s say for example that the bank wanted $250 from you in order to open up the card. You will now have a $250 credit limit. You won’t be able to spend no more than that. This is a win-win situation for the bank now, because you can go out there, and spend your money, and if you don’t pay it back, they will dip into your deposit account, and take it out.

The more you use it, and the more you pay it back in full, you’re going to find that your credit score is going to slowly go back up. If you bank with a major bank, you will find that some of them will allow you to graduate to a new card. This is a great step to take as well, because you don’t want to be on this card forever because of fees, etc.

When you do think about applying for one, the major thing that you want to look at are the fees. Since fees are generally the highlight of these cards, in a bad way, you’ll want to make sure that you’re not getting ripped off. A good card is going to have a onetime fee, or an annual fee that’s relatively small. Don’t apply for a card that’s going to charge you every month, plus an annual fee. These aren’t the cards that you want; because you will find out that you may go even further into a debt, which obviously isn’t a good thing.

There are a lot of great cards out there. Make sure that you take a look at a few of them. I generally recommend at least 3-5, and compare the fees, know who the bank is, and know how it can help you. Once you receive it, make sure that you use it the right way, by paying it off on time, and if you can accomplish this, great things shall come!