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Has anyone here personally used or use a secured CC? I'm looking for people who have experience with them to tell me how they worked out in rebuilding credit and increasing their credit score. What bank did you use and how were the fees?
Thanks!
most secured cards have very high fees.
But do you have personal experience with these cards?
Secured Credit Cards
Hi June,
Secured credit cards are those that are generally taken by a person who has no credit or bad credit. In this type of card, the holder is supposed to first deposit 100 % or 150 % of the credit the person requires.
After taking a secured credit card, the card holder must request the creditor to report this to the credit bureaus. If not reported, the payment history won't show up on the consumers credit report. As a result, credit score won't increase, even no other creditor or lender or company will be able to see the details of your payment, in relation to the secured credit card.
However, secured credit cards generally have some extra fees, than other general cards - the annual fee, application fee, processing fee etc.. These fees can lessen your deposit and also the credit limit. So before taking a secured credit card one must check these out with the bank, from where one may like to get a card. The rates generally vary from bank to bank.
It seems no one actually reads posts here. I'm aware of how these cards work, I wanted to hear from people the results they had in rebuilding their credit by using a secured card. Thnx anyway.