Credit Topics

How To Establish Credit for a Miami Home Loan Using Secured Cards

Miami Home Loan want you to qualify for a home loan, but to do so, you must have credit.  Whether you’re just starting out in the world of credit or hoping to rebuild a damaged credit report, using secured credit cards can help. However, you’ll need some cash to get started.

Miami Home Loan Credit Card

Miami Home Loan Secured Card

First, let’s define what secured credit cards are. They are REAL credit cards, generally Visa or MasterCard, that can be used for anything Visa or MasterCards can be used to purchase. The difference is that they require the cardholder to deposit a certain amount of money into a checking or savings account to use as security against the card.

Secured credit cards also differ from debit cards in that secured credit cards are loans made against the money in your account, rather than simply having the money automatically deducted from your account, as is the case with debit cards. In that way, they can be a helpful tool toward either establishing or reestablishing your credit.

The interest rates on secured cards are generally higher than on standard cards, but not always. For instance, the website lists twenty-four secured credit cards, starting at 7.2% and going as high as 23.98%. Annual fees can vary from zero to $69.00, according to the site, as well.  Another interesting site with several option is  This site offers multiple cards as well as the card my credit expert company recommend, First Premier.

My credit reporting experts, Credit Technologies, recommend two of these cards to get started.  They have experienced the best results with  At last review, they required a $95.00 charge to get $300.00 of credit availability.  They begin to report your activity quickly, and, that improves your credit score immediately.  To improve your score, you will only need to make some small purchases, but, pay them off immediately.  That activity will also improve your credit scores quickly.

Normally, you’ll need to deposit at least $300 into a checking or savings account, which will then determine your credit limit on the card. (Each card will be different, so you’ll want to do some shopping for the card that best suits your needs.)

Secured cards can allow you to begin rebuilding your creditworthiness by charging responsibly and then repaying according to your agreement. They can be a relatively quick way of either establishing or reestablishing your credit, and are worth checking out in your plan to gain control of your financial future.  So, get prepared to qualify for a Miami Home Loan, by improving your credit score with a secured credit card!  As, always, call me with any questions about a Miami Home Loan!

Here are some flyers we discussed.


Do you know how your score is determined?  Well, no one knows for certain, but the following page gives you an idea, and, you can adjust your activity to improve you score by paying on time, having various types of credit (like a mix of installment, revolving, and mortgage debt), and, keeping low balances on your credit cards.


The views and opinions expressed are my own and do not necessarily represent the official policy or position of Element Funding.

2 Responses to Credit Topics

  1. I like the valuable information you provide in your articles. I will bookmark your blog and check again here regularly. I’m quite certain I will learn lots of new stuff right here! Good luck for the next!

Leave a Reply

Your email address will not be published. Required fields are marked *