4 Best Secured Credit Cards for Building Credit

4 Best Secured Credit Cards for Building Credit

After 20 hours of research evaluating 105 products, we picked Discover it® Secured Card as our top choice.

"Sorry, but we are unable to approve you at this time."

Sound familiar? It's difficult to get approved for traditional credit cards if your FICO is too low or your debt-to-income ratio is too high. That's why many folks avoid credit card applications and stick with prepaid debit cards instead.

We have compiled a list of the best secured credit cards to help you if you are in this type of situation.

Here's why:  

Many people have a positive experience establishing or rebuilding their credit with secured credit cards. You can generally get approved with the best secured credit card even if your FICO score needs a major overhaul or you're recovering from a recent bankruptcy.

But why do secured credit card companies send out welcome emails instead of rejection letters to so many people?

Simply put, it's because they're giving you a credit line funded by your own money. There's not much of a risk for them if you bail on payments. Unfortunately, it's still risky for you to miss payments because many secured cards report to all three credit bureaus.  

Here's the good news:

These creditors also report on-time payments, which may help your credit history. Eventually, you might even raise your FICO enough to qualify for unsecured cards like one of the best travel credit cards or a card from your favorite retailer.  

Exciting, right? It's a wonderful feeling to know that you're headed toward financial stability.

Your path toward better credit begins here at Faveable, and we're psyched to share our top credit card picks with you. Review the best secured credit cards below to find one worthy of a spot in your wallet.  

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Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated March 13, 2018 but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.