Are you sick and tired of bad credit plaguing you? The best way to start rebuilding your credit is to apply for a secured credit card. Here are some simple tips that will help you find the best secured credit cards:

Tip # 1 – Shop around

Do not just accept the first offer that is sent to you. Look around with at least 5 different lenders to see who has the best rates and really wants to help you. Stick with Visa and Mastercard because they are accepted everywhere. Most companies work with Visa and Mastercard because their rates are much lower.

Tip # 2 – Control

How much control do you have over the card? When you apply for a secured credit card, you should be able to set the limit on the card. If you know you don’t spend more than $500 on the card, ask the lender to reduce the limit so you only need to make deposits of $100 or less. Know your spending habits though because you will be fined if you spend more than the total balance on the card.

Tip # 3 – Report

What are the reporting procedures of the lender? Do they report your information to the credit bureaus on a monthly basis? Some lenders like Capital One only report information 3 times a year, so it won’t help to improve your credit rating. You need a lender that reports information monthly as this will show steady payment records and positive credit usage on your credit report.

Secured credit cards will take a long time to start improving your credit. If you need to buy a home in the meantime, you can find lenders that will offer mortgage loans for bad credit so you won’t be out on the streets. Just remember that your interest rates will be high on any type of loan you apply for if you have bad credit.