Most secured credit cards require a deposit of at least $200. And the minimum deposit required is always a good place to start. Simply opening an account is the most important thing at this point, as it will allow you to begin rebuilding your credit. In other words, depositing the minimum lets you get started right away without having to worry about giving up too much cash.
Plus, the beauty of using a secured credit card is that you can add to your deposit over time. That gives you a higher spending limit, which allows you to improve your credit utilization and boost your credit score. In general, the more available credit you have, the more favorably credit scores treat you. Just bear in mind that most secured credit card issuers won’t allow your total deposit to exceed $5,000.
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