Rebuild Credit: Overview

If you are in the market for rebuilding your credit then here are the tools you need for your credit building project.

There are two types of credit we recommend for people with bad credit to get started rebuilding their credit.

Click here to visit our page of recommended secured credit cards.  Click here to visit our page of recommended merchant account providers.

1) Secured Credit Cards.  A secured credit card works this way: you will give a bank some money, usually a minimum of $200 to $300.  The bank will open a savings account for you and deposit your money into it.  They will then send you a credit card with a limit that matches the amount you deposited.  This is a real credit card.  You may use it like any other credit card.  When spend on the card you will get a bill (statement) in the mail.  You may not make payments from the money you deposited into their bank.  This is their “security”.  You will get your deposit money back when you cancel the credit card OR the bank will “seize” it if your credit card goes unpaid and goes to a charge off status.

2) Merchant Accounts.  A merchant account is a credit line that you can only use with that one merchant or store.  Think Macys, Sears, or JC Penney.  Some merchant accoounts are just as hard to get as a regular Mastercard or Visa.  The ones we recommend are virtually guaranteed approvals!

Rebuild Credit: Contents

1. Secured Credit Cards
2. Merchant Accounts