The Bank of America Secured Credit Card Helps Re-Establish Credit

The idea of a secured credit card often scares many consumers, but it’s not a bad thing. It’s especially not bad when it’s a card from a reputable lender, such as Bank of America. The Bank of America secured credit card is one that assists Americans in rebuilding their credit so that they can make their future purchases that much simpler and more affordable. The idea is simple; you give the bank a security deposit and they put it down on a card for you. This is going to provide you with a card that works like any other card in the world, but the bank is guaranteed to get their money out of it should consumers default on their repayments. While you use the card responsibly, the bank reports this information to the credit bureaus so that you have a chance to increase your credit score and rebuild bad credit. It works and looks just like a regular credit card, and no one will know the difference. Is this the card for you? Find out now.

Credit Limits

You have to provide a minimum of $300 to this card to establish a credit line. The amount of your credit line could be anywhere from $300 to $4900 depending on your deposit, your credit and your ability to pay. If your credit is really bad, you’ll probably get only $300 out of this card.

Reporting

The bank reports monthly to the three major credit bureaus, which means that on-time payments and responsible card usage is going to allow you to receive favorable reports. This is going to help you raise your credit score and improve your credit.

Moving On

If you use this card responsibly for one full year, Bank of America will consider allowing you to have your security deposit returned while still using the card to make purchases and pay them off. Credit limit increases are also possible. It all just depends on who you choose to use the card over the course of the next year.

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