Educate yourself about secured credit cards
For example, if your credit rating worsens and your card issuer decides to raise your interest rate, the raise applies only to any new charges you make. You can repay the rest of the balance at your old, lower rate. The only exception is if you are at least 60 days delinquent on your account, in which case the interest rate hike can apply to your entire balance. * The credit card company must apply your payments to the parts of your balance with the highest interest rates first. Right now card companies can choose which part of your balance to apply your payments to, meaning that if you roll over $3,000 in debt to a new account with a lifetime 3.