Do you want to build your credit score because your current one is too bad? If so, just relax as there is a type of credit card that will help you do that. Yes, it is an actual credit card, not a debit card or the prepaid one. This card is offered by Wells Fargo. Wells Fargo Secured Credit Card will help you build your credit to a better one or maintain it if it is already good enough.
Why You Should Choose Wells Fargo Secured Credit Card
By using this Wells Fargo Secured Credit Card, you can easily build a better credit history; noted that this card should be used responsibly. Without proper usage, it will do nothing except making the credit history even worse. Responsible usage includes reasonable shopping, and not spending money on things that are not needed. When you plan to get this secured credit card from Wells Fargo, you don’t have to make a big investment at the beginning.
Shortly after your application is approved, you can start building your credit with a security deposit as little as 300 dollars. But remember, a checking or saving account in Wells Fargo bank is needed if you are planning to apply online. The account will be used to guarantee your loans when you get the Wells Fargo Secured Credit Card.
Moreover, this card can be used for several things, like building credit and rebuilding credit. When your credit score is low, it can be improved with this card, so you can get loans more easily in the future. Credit score impacts to the process of getting loans. Other than that, the benefit Wells Fargo Secured Credit Card offers is an annual fee that’s quite low compared to other secured credit cards. Having this card only charges you 25 dollars every year. This is not a lot of money if you think about the benefits it offers.
Another benefit you get from having Wells Fargo Secured Credit Card is every activity you engage in. When involving this credit card, it will be shared with credit bureaus. When the card is used responsibly, your credit score will obviously increase. However, if used without caution, it will impact the credit score as well.
This card can be used in any place that accepts Visa cards. This proves the reliability of this card – also proves that Wells Fargo Secured Credit Card is an actual credit card, not a debit or prepaid. You will get more convenience by having this card. The credit line you have equals the security deposit you made in the beginning. For instance, if your security deposit is 400 dollars, you get 400 dollars of credit line as well. This enables you to have control of your spending.
When the Wells Fargo Secured Credit Card is used well enough and with big responsibility, someday you will be eligible to upgrade to an unsecured credit card. However, you should maintain a good credit score or your bank account will not qualify. Wells Fargo has stated that not all accounts will qualify.