Hello, I have seen that secured credit cards are a great way to improve your socre. Where do you get them and which are the best ones to use? Thanks in advance.
I would check with your bank. I read one post on here that they got a secured CD from their Bank that may be something else you could check on as well.
Yes, of course secured credit cards are very efficient in improving your credit score. In a secured credit, your deposited amount acts as the collateral as well as the credit line for the card. You can use the card to purchase items and pay the bills on time. This will help you in building good credit.
You can get a secured credit card from credit card unions, if you are a member of that union. Or you can also get a secured credit card from Public Savings Bank, First Premier and Applied Bank.
When you go for secured credit cards, just don't go for any one that comes your way. Get to analyze whether they are worth your money or not. Find out how much you need to deposit for the card, how much will your secured credit card cost you, if there is any eligibility criteria, how much will your credit limit be and also about the annual percentage rate. You must also find out if timely payments are reported to the bureaus.
I would check with your bank. I read one post on here that they got a secured CD from their Bank that may be something else you could check on as well.
Secured CD
Pardon my ignorance but what is a secured CD and how does it help your credit?
Hi Thomas,
Yes, of course secured credit cards are very efficient in improving your credit score. In a secured credit, your deposited amount acts as the collateral as well as the credit line for the card. You can use the card to purchase items and pay the bills on time. This will help you in building good credit.
You can get a secured credit card from credit card unions, if you are a member of that union. Or you can also get a secured credit card from Public Savings Bank, First Premier and Applied Bank.
Hi Thomas7
When you go for secured credit cards, just don't go for any one that comes your way. Get to analyze whether they are worth your money or not. Find out how much you need to deposit for the card, how much will your secured credit card cost you, if there is any eligibility criteria, how much will your credit limit be and also about the annual percentage rate. You must also find out if timely payments are reported to the bureaus.
Secured credit cards
TY Justin Debra and Carol