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Do You Have Poor Credit? Consider a Secured Credit Card


Most credit cards are considered to be a form of "signature" loan: You sign the application, agree to the terms, and are extended credit based on your signature, not on collateral or other security. But if you have a poor credit history, many lenders are unwilling to extend credit based on your signature alone, which can make it hard to rebuild your credit by maintaining accounts and payment histories in good standing.

What can you do? Consider a secured credit card: You provide the lender with a cash deposit and in return you are issued with a credit card. The credit limit on the card is the same as the amount of your deposit. Then you can use the credit card as you would a conventional credit card. The lender faces little risk, since if you don’t make payments on the card, they can use your deposit as collateral. And over time you can build up a positive record of on-time payments and responsible use of debt – and improve your credit history and credit score.

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Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Wealth Management team, or find the right financial partner on our Commercial Banking team for your business needs. 

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This article contains general information only. Sunflower Bank is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.