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IF EVER MASTERCARD DNT RE-OPEN MY ACCOUNT AFTER MAKING MY PMTS ON TIME. I WANTED TO GIVE MY RBC BANK $1000 FOR A SECURED CREDIT CARD, SINCE MY CREDIT SCORE IS PRETTY LOW AND I WANTED TO BUY A HOME IN 2YRS
WOULD THIS BE THE RIGHT OPTION FOR THIS ORDEAL?
Lots of people start with secured credit cards. They are a good way to get your credit score higher. There are also several other things you could do like pull your report from www.annualcreditreport.com, which is free, and take a look at your credit report. Look for any errors or anything that is past the reporting time frame.
rebuilding credit is not easy and does take time. Be sure to make all your regular payments on time and also keep your debt to income at a reasonable level. Hope this helps.
secured credit card
Hi misspuff,
Yes, if Mastercard does not agree to reopen your account, you can get a secured credit card to improve your credit score. However, before you can get one such card, you need to know some information on the card. That is you should inquire with the card company whether or not they report to all the three credit bureaus, and if they will allow you to transfer the secured card to an unsecured status with time. Other than this you should also clearly read the terms and conditions before signing up for the card.
After getting a secured credit card, use it to purchase items, and then make ontime payments on the card. This will build up a good credit history, and thus improve your credit score.
Hope this helps.
Regards,
Aaron