What you need is understand on how the credit score system works.

Below is a way of interpreting your credit score.

Given the current credit score stats, how does this relate to your own personal score? Generally, if your score is higher than 660, you will be considered a good credit risk. If your score is below 620, then you might have a tougher time getting a loan. The following ratings explain the impact of the different score ranges:

720-850 – Excellent – This represents the best score range and best financing terms.
700-719 – Very Good – Qualifies a person for favorable financing.
675-699 – Average – A score in this range will usually qualify for most loans.
620-674 – Sub-prime – May still qualify, but will pay higher interest.
560-619 – Risky – Will have trouble obtaining a loan.
500-559 – Very Risky – Need to work on improving your rating.

If you want to learn more about credit scores and how to improve yours: Take a look at Phil Turner’s Credit Bible. You should find valuable information on fixing and improving your credit.

Secured credit cards can be an effective way to build or re-establish your credit history. However, some marketers of secured cards make deceptive advertising claims to entice you to respond to their ads. Here are some things you may wish to keep in mind. Secured and unsecured credit cards can be used to pay for goods and services. However, a secured card requires you to open and maintain a savings account as security; an unsecured card does not. The required savings deposit for a secured card may range from a few hundred to several thousand dollars. The amount you can charge on your card is a percentage of your deposit, typically 50 to 100 percent. Usually, a bank will pay interest on your deposit. In addition, you also may have to pay application and processing fees — sometimes totaling hundreds of dollars. Before you apply, be sure to ask what the total fees are and whether they will be refunded if you’re denied. Typically, a secured card requires an annual fee and has a higher interest rate than an unsecured card. Deceptive ads often leave out important information, such as: The cost of the ’900′ call — which can range from $2 to $50 or more -for which you are billed just for making the call; The required security deposit, application, and processing fees; Eligibility requirements like income or age; An annual fee or the fact that it has a higher than average interest rate on any balance. If you’re considering a secured card as a way to build or re-establish a credit record, make sure the issuer reports to a bureau. Your credit history is maintained by companies called reporting agencies or bureaus; they collect information reported to them by banks, mortgage companies, department stores, and other creditors. If your card issuer doesn’t report to a bureau, the card won’t help you build a good history.

Here are more opinions and answers from other FAQ Farmers:

Good answers and facts from above entry. One of the best secured cards out there is NATIONAL CITY BANK. If there is a location near you, you can apply with the bank, and they will send it in for you. You will only need $200 to open the card, and for a secured card, the interest rate is not all that high. If you go to National City Banks website, it will be difficult to find information on the secured card. (Do not be confused with their Buxx card…this is not it). Find out their phone # from the site, though, call the number and request an application. Secured cards are hard to come by, half of them are better left alone. Orchard Card is the next best card requiring only $250, but they have some fees. I believe Wells Fargo Bank offers a secured card. I don’t know anything about their terms though.