FINANCIAL FOCUS: 3 Wise Ways to Use a Secured Credit Card
A secured credit card uses a cash deposit as collateral for your credit line, which provides financial institutions the confidence you will pay them back in spite of bad or no credit history. This allows you the opportunity to work hard on making timely payments and making your score a force to be reckoned with!
Kentucky Employees Credit Union offers secured credit cards that can be opened with a minimum of $300.
Use it often, but don’t max it out, and pay off your balance every month.
Keep your utilization low – the magic number is 30% or less.
Cash in on rewards. If your financial institution offers rewards for using your card, then why not?
For more information about secured or traditional credit cards, give us a call.