Digital News Report – The new Capital One® Secured Mastercard® is designed for people with poor or bad credit scores and can be used to develop a good credit history. The company says that even people without a credit history can apply for the card.
“Take control and build your credit,” the bank says. Capital One offers customers the ability to track their spending through the bank website. You may also be able to track your credit score.
So how can this secured card help your credit score? The bank reports your payments to the three credit reporting bureaus. The reporting agencies determine your credit score and if you make your payments on-time, your score can improve.
The bank does require a $200 minimum security deposit. You may also qualify for credit line increases without putting up more money.
Use it like you would any other credit card. The Capital One Card is accepted at millions of locations worldwide.
By: Tina Brown