January 17, 2025
• 4 Minute Read
So, your credit’s not great. And most of you know by now that without a great credit score, it ends up costing you more in the long run. You can’t obtain loans or credit cards. It throws a wrench in your plans for getting that new (or new-to-you) car. You’ve ended up renting a home for far longer than planned. You’re now wondering if you’ll ever be able to obtain an acceptable credit score again. Have no fear, we have a plan!
Secured credit cards are valuable tools for individuals with poor or no credit history to establish or rebuild their credit. By requiring a refundable security deposit, these cards provide a line of credit that reports to major credit bureaus, enabling users to build a positive credit history through responsible usage.
CreditSoup would like to introduce you to two phenomenal cards to help you start that journey.
First Latitude Assent Mastercard® Secured Credit Card
The First Latitude Assent Mastercard® Secured Credit Card is designed to help individuals improve their credit through responsible usage. By providing a refundable security deposit, this card allows users to establish a credit line that reports to all three major credit bureaus.
- Credit Recommended:
- Poor/Limited/No Credit
- Regular APR
- 28.24% (V)
- Cash Advance APR
- 28.24% (V)
- Annual Fee
- $0.00
- Credit Line
- Minimum refundable deposit of $200.00 up to $2,000.00*
- Credit Recommended
- Poor/Limited/No Credit
- Rewards Rate
- 1% Cash Back on payments
Highlights
- Choose the First Latitude Assent Card and enjoy $0 Annual Fee!
- Secure your credit line with your refundable security deposit – choose from $200- $2,000. With the ability to increase up to $5,000 over time!
- Earn 1% Cash Back Rewards on payments made to your First Latitude Secured credit card account.
- Designed to push you forward on your credit building journey with $0 Annual Fee.
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion.¹
- All credit types welcome to apply!
- ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- *See Important Disclosures for complete offer details
Key benefits include:
• Accessible to All Credit Types: Whether you have bad credit or no credit history, you can qualify for this card as long as you meet the basic requirements and provide the necessary security deposit.
• Credit Building Potential: The card reports every on-time payment to the credit bureaus, enabling users to build a positive credit history and potentially improve their credit scores.
• No Annual Fee: Unlike many secured credit cards, the First Latitude Assent Mastercard® Secured Credit Card comes with no annual fee, making it a cost-effective choice for those focused on credit building.
• Refundable Security Deposit: The deposit you provide acts as your credit limit and is fully refundable upon account closure, provided your payment history is in good standing.
• Wide Acceptance: As a Mastercard, this card can be used virtually anywhere credit cards are accepted, offering convenience and flexibility.
First Progress Platinum Select Mastercard® Secured Credit Card
The First Progress Platinum Select Mastercard® Secured Credit Card offers another solid option for building or rebuilding credit. Like the First Latitude Assent card, it reports to all three major credit bureaus and provides opportunities for users to enhance their financial profiles.
- Credit Recommended:
- Poor/Limited/No Credit
- Regular APR
- 18.24% (V)
- Annual Fee
- $39
- Credit Line
- $2,000
Apply Now
on the First Progress secure website.
- Credit Recommended
- Poor/Limited/No Credit
- Cash Advance APR
- 24.24% (V)
- Rewards Rate
- 1% Cash Back
Highlights
- Get a First Progress Select Card and Earn 1% Cash Back Rewards!
- Secure your credit line with your refundable security deposit – choose from $200- $2,000 - with the ability to increase up to $5,000 over time!
- Choose the First Progress Select Card for a lower annual fee!
- All credit types welcome to apply!
- Build your credit history across 3 major credit reporting agencies: Equifax, Experian and TransUnion.¹
- ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
Key features include:
• Approval Without a Credit Check: Unlike many other credit-building options, this card does not require a credit check for approval, making it accessible to those with challenging credit histories.
• Credit Limit Based on Security Deposit: Users can set their own credit limit based on the amount they deposit, with limits ranging from $200 to $2,000. This flexibility allows users to manage their credit-building journey according to their financial capacity.
• Low APR: The First Progress Platinum Select Mastercard® Secured Credit Card features a competitive interest rate for purchases, which is beneficial for users who may carry a balance.
• Wide Acceptance: As a Mastercard, it’s accepted worldwide, making it a reliable option for everyday purchases and travel.
Tips for Using Secured Credit Cards Effectively
To maximize the benefits of secured credit cards, consider the following tips:
Always Pay Your Bill on Time — Timely payments are crucial for building a positive credit history.
Keep Your Credit Utilization Below 30% — Maintaining a low balance relative to your credit limit can positively impact your credit score.
Pay Your Balance Off in Full — Paying off your balance each month avoids interest charges and demonstrates responsible credit use.
Ensure the Issuer Reports to All Three Major Credit Bureaus — This ensures that your positive payment history is recorded and can contribute to improving your credit score.
By following these practices and choosing a secured credit card that aligns with your financial goals, you can take significant steps toward building or rebuilding your credit.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.