One of the best means for building credit when you have no credit is to apply for a secure credit card. Credit card companies want your business, despite your credit history. What they do for people with bad credit is to offer a credit card secured by money. In exchange for a card with, say, a $250 credit limit, the issuing bank requires that you open a savings account in its institution with the $250. If you fail to repay the debts incurred using the card, your account will be used to pay the debt.

A secured credit card looks just like any other credit card and has all the same privileges as all other credit cards. Visit Bankrate to learn '10 questions to ask before getting a secured credit card'.

Learn about the 'pros and cons of secured credit cards'.

Help choosing the right secured credit card:
The deposit requirement. Usually, the minimum deposit required is $200. You can always deposit more and by doing so, you create a higher credit line for yourself.

The grace period. The grace period is the amount of time you are permitted to repay your balance without paying an additional finance charge. These time periods can be from 0 days to 30.

The interest rate.  Interest rates on secured credit cards can range anywhere from 10 percent or so to 20 percent and even higher. Go for the lowest rates you can find.

Matching funds. Some cards will match the deposit with extra credit. For example, if you deposit $500, some cards will then give you a $1,000 credit limit.

A chance to get an unsecured credit card. Some secured credit card companies will offer you a unsecured card once you prove that you pay your debt timely and in full every month.

Read more about bad credit credit card tips.

Whenever utilizing any of the different types of credit card, it is important that you understand how to use credit cards wisely.

Related Reading:
Credit 101
Six Steps to Re-establishing Your Credit
Mortgages to Rebuild Credit
Applying for a Credit Card - Read the Fine Print!
Personal Loans for People with Bad Credit
Credit for Those Under 21
   --Teaching Teens About Credit
Credit Cards After Bankruptcy
No Credit to Good Credit



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