If you are a would-be home buyer who is having difficulty establishing credit to purchase a home here is a tip that was sent to us by a lender on our preferred lender list.
New credit card laws and restrictions are making it more difficult for borrowers to establish credit. Using secure credit resources is great idea that will continue to be a growing trend among credit beginners and re-establishers. (Re-establishers are individuals who have had a short-sale, foreclosure or bankruptcy and are trying to get back into a situation where their credit is improved and they can again buy a home. )
Typically, when a person needs to get credit established, borrowers will attempt to open credit cards, department store cards, gas cards, and other misc. accounts to build credit. If borrowers are being declined by these creditors, a great alternative is for the customer to apply for secure credit cards (prepaid Visa and Mastercards).
It is only worthwhile if the secure credit cards report to all three (3) bureaus. Here is a secure credit card application link to click to and check out. Approvals are fast and the creditors start reporting to all three (3) bureaus between 30-60 days.