So you are the one everyone worries about? The one who skipped out on their payment obligations. What? “I was young and foolish back then! I have changed,” you say. Back then you probably didn’t worry about credit scores or trying to buy bigger things like cars or houses. Now you wonder what to do about it.

What you need to do is improve your credit rating. Good credit ratings lead to lower rates on loans since you are considered a smaller risk for the loan company. Convincing lenders that you are an acceptable risk now takes time. You need to act like a responsible money manager for a while and you have to be able to prove that you are. That is where the Public Savings Bank Classic Secured VISA Credit Card can come in. This is a credit card that does not require a credit check.

Don’t get me wrong, this isn’t an easy cure. They may not check your credit but they protect themselves. They know if you are going for a secured credit card, you either have no credit history or a horrible one. Most likely the latter. What is a secured credit card? A secured credit card is a card that requires you to keep funds or perhaps other assets such as a car as a guarantee to secure the credit card. If you were to run into trouble and not be able to pay that credit card bill, the company would then be able to seize those assets. Generally, the amount of assets you need to maintain, and yes, that means not touch, in an account is equal to your credit limit on the credit card.

That may not sound too enticing but remember why you are doing this. You are the one that ruined your credit rating in the first place. You have to fix that somehow. Now to the good part!  With a Public Savings Bank Classic Secured VISA Credit Card they do report your payment history to all 3 major credit bureaus. This is exactly what you want. It won’t do you any good to pay every bill you get on time if none of the companies report your good behavior. Public Savings Bank will report this if you get a Public Savings Bank Classic Secured VISA Credit Card.

Worried about annual maintenance fees or even monthly fees? Don’t be. The Public Savings Bank Classic Secured VISA Credit Card does not have those. This card if used very carefully can do exactly what you want it to do: Rebuild your credit rating. You have to read the account agreement very carefully though and make sure you keep reading any changes they make. You will be paying fees to use their credit card. To begin with they charge a $75 fee for applying for the credit card. I don’t think you can avoid this one. They also have a $25 fee every time you want to increase or decrease your credit limit. This one you can avoid by considering how much money you can afford to keep in a non-interest bearing account while you use this credit card to improve your credit rating. The Public Savings Bank Classic Secured VISA Credit Card is offered with a credit limit from $300 to $2000. Decide how much you want to use before you apply for the card and stick with it.

They also have fees for late payments and bounced checks. If you truly are the reformed responsible money manager you are trying to prove you are, these should not affect you. They do offer 0% APR for purchases the first 6 months. Face it; you will have to buy something in order to prove that you paid it off. Generally, I recommend paying off the entire bill every month. You don’t want to get yourself into financial debt again. So with the reporting to all 3 credit bureaus, the lack of maintenance fees and the ability to apply for a credit limit you can afford to maintain, the Public Savings Bank Classic Secured VISA Credit Card seems like a reasonable choice to rebuild your credit history.