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Credit Cards

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What is an Unsecured Credit Card?

An unsecured credit card (or normal credit card) is a revolving loan which you (should) make payments on every month. It will have minimum payments due, but since the minimum payment is so small, if you pay only the minimum payment you are on the road to bankruptcy. Unsecured credit cards do report both positive and negative reports to the credit bureaus, so they are great at building credit.

How do I use Unsecured and Secured Credit Cards?

With all available credit, especially with credit cards, it is best not to carry more than 30% on any card. Credit scores are built on not just reported payments, but a low debt to credit ratio. You want to pay the credit cards each month, and make sure they don’t get out of hand.

You do not need to use your credit cards to help establish good credit. While the use of the cards is important, and they may close your account if inactive, using your cards is not necessary. If not used it will show a 0 balance and on time payments. Store the cards away, or cut them up if you can’t trust yourself not to go over the 30% make missed payments, or let your debt get out of hand.

Credit Cards to Avoid!

It is my opinion, if an institution has one really bad card, beware of all of them! The cards below are generally considered bad choices. It is better to use one of the secured cards listed than one of these. When the secure card builds your credit you can get a decent credit card.

Applied Bank
Arvest Bank
Aspire Visa
Continental Finance
CorTrust Bank
CreditOne – ALL (They try to make themselves sound like “Capital One”. It is not.
Fifth Third Bank
First Access
First Premier
New Millennium
Premier Credit Cards – (Possibly the worst of the worst)
Secured Matrix
Surge Credit Card
Synchrony Bank (many, many “store” cards are Synchrony Bank Cards)
Total Visa
US Bank College
Wells Fargo


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