By Marsha Barnes
Credit plays a vital role in our everyday lives. From college students to working professionals, building and maintaining good credit is essential to all of us. Unfortunately, a credit score is not like a race car where you can press the accelerator and feel the results instantly. Credit scores and the overall process of building your credit takes time and is more similar to a driving record—where several years of past behavior is taken into account.
Having a solid credit history is crucial to maintaining a good credit score in the future; however, without a credit history it’s usually extremely difficult to get good credit. That said, Green Dot believes in helping you build, rebuild, and enhance your credit score with responsible use by offering a competitive secured credit card. If you are unfamiliar with how secured credit cards work, it is important to know that this type of credit card is backed by a security deposit provided by the cardholder. Aside from the security deposit (which determines your credit limit), the Green Dot Platinum Visa Secured Credit Card works just like your typical credit card and comes with many of the same responsibilities—like making your monthly payments in full and on time.
Here are four reasons why you should consider getting Green Dot’s Platinum Visa Secured Credit Card today:
Affordable security deposit
While plenty of secured credit cards require a minimum security deposit of $500, Green Dot made it even more accessible by setting a minimum security deposit of $200. That means that, if approved, you can deposit as little as $200 to get a $200 credit line (remember: your credit line will be equal to the amount of your security deposit). As another added bonus, good credit and a bank account are not required to be approved for the Green Dot Platinum Visa Secured Credit Card.
Reports to the 3 major credit bureaus
Stellar financial performance can do wonders for the ego, but it can also reward us down the road when it’s shared with the three major credit bureaus. A well-balanced credit history offers a platform that proves to the credit bureau your capability of handling credit.
Unlike a reloadable prepaid debit card, the activity on a Green Dot Platinum Secured Credit Card is shared with the three major credit bureaus to help determine your credit score. In fact, there’s actually no distinction is made between secured and unsecured credit cards on a credit report. While the credit bureaus are keeping an eye on your credit, you can also become proactive by adding a credit check-up alert to your calendar. Positive changes can occur with your credit score anytime and you want to bask in the enjoyment when they do.
Controlled credit limit
It can be tempting to spend and splurge freely when you have access to a credit card with high limits. The downside to this is being unable to make on-time payments each month if your balance ever happens to spiral out of control. Future lenders will want to know if you have paid credit accounts on time and how savvy you are with utilizing your credit limits—so be sure to always use your card and make payments responsibly.
Pre-qualify without impacting your credit score
Applying for the Green Dot Platinum Visa Secured Credit Card is easy—and even better, checking to see if you pre-qualify won’t impact your credit score.
Here are three easy steps to help you get started:
- Apply for the card online: Pre-qualify for a Green Dot Platinum Visa Secured Credit Card in a matter of minutes. If approved, Green Dot will ship your card to your home at no additional cost.
- Make a security deposit: If approved, you can start using the card once you’ve made the one-time security deposit (as little as $200) at any participating retail store for just $4.95. You also have the option to mail your deposit in by check.
- Work on building your credit over time: Building credit takes time and credit bureaus take into account several variables that play a part in your overall credit score. Be sure to always use the card responsibly and make it a priority to make payments on time and in full.
Get into the rhythm of building or rebuilding your credit with the help of Green Dot’s Platinum Visa Secured Credit Card. Visit GreenDot.com/Platinum today to learn more about the card and to see their simple fees.