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Unfortunately, no matter how long you have your credit cards or how perfectly on time you’ve paid them, the issuing bank (Creditor) still reserves the right to shut you down at any moment.  It’s the fine-print in that long document you signed when you applied.  It gives the Creditors/Banks the green light to constantly monitor your credit profile.  They will do this on a regular basis to see how things are going for you.  If they notice that you have missed a payment or got a new collection, don’t expect a call to verify that it’s accurate before they close your accounts or shut down your limits.

Yes, it’s true that having Credit Cards is an essential component to having a great credit score.  BUT, you have to know that all unsecured Credit Cards can be taken away, even if you do nothing wrong.  This is why I highly recommend that EVERYONE, no matter what your current credit score, get a Secured Credit Card.

With a Secured Credit Card, you put up the money, which you essentially lend to yourself through the use of a Bank that provides you the money back in the form of Credit.  You can get one started for as little as $300.  If you choose the right one, it will report to all three Credit Bureaus just like a regular Credit Card, except one big difference… THEY CAN’T TAKE IT AWAY FROM YOU.

If your credit is already in great shape, then this is the insurance you need.  If you’re looking to build your credit, this is an absolute must.  The Company I recommend is Public Savings Bank.  They have what is called the Secured Black Card.  I have one myself and it’s really user friendly with full online access to everything, etc.

Don’t be reactive on this.  Start building your credit with something that you know will still be with you in ten years.  It’s the smartest thing you can do for your Credit Score!  Below is a list of all the Secured Cards I recommend or have had good experiences with…

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com

Credit Cards are very important to having a good credit score.  Of course, you want to have a Credit Card that’s in good standing.  This means that you have a low balance or a balance that is less than half of the limit on the card and you make your payments no more than 30 days late each month.  If you don’t have one at all, you could be missing out on 30% of your possible credit score!  If you can’t get a credit card because your score is in bad shape right now, then revert to this previous post for ways to get a guaranteed line of credit to establish your score!

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com

How do you build your credit if you don’t have any credit or only have bad credit?  I get this question every day and let me tell you, there is a solution.  Here are some key points:

- You need to have an account with activity in the last 6 months that’s at least 6 months old in order to have a credit score.
- Secured Cards are good, but not all are the same.  You will get an inquiry when you apply and you CAN be denied these cards.
- There is an account for everyone.  I can help you find it.  Here are links to the two most popular ones that almost everyone will qualify for…

Public Savings Secured Card

Ox Publishing Online Account

These are the things you DO NOT want to do:

- Apply for credit blind.  You need to know your scores before you do anything.
- Department store cards and Gas cards are not necessarily easier to qualify for, so don’t waste an inquiry on them.
- Your bank doesn’t necessarily offer the best chance for you to build credit.  Many times your own bank will deny you a secured card, which discourages people from trying any further.

Contact me with questions.  Hope it helps!

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com