Secured Credit Card

Yes, secured credit card is a very good instrument to build up a credit history and a credit score for beginners. For this all you need to do is to keep some security deposit with the credit card company and the amount of security you keep will determine your credit limit. Moreover, you can also avail cash advances on secured credit cards. For availing a secured credit card, you need not have a credit history and you can avail a secured credit card with a very bad credit score.

Yes, Mary is right. Secured credit card card can be used as an instrument to increase or build up a credit score only if you make timely payments on the existing debt. If you default yourself, then instead of building up a good credit score, it may also lower your credit score. You can increase your credit limit on the existing secured credit card anytime by increasing the security deposit on your card.

On a Secured CC, would it be the 'High % rate', if you have bad credit? Hope I'm explaining myself correctly. Ihave had Non-secured CC's and just keep up with all of the fees, etc. This CC was for'Bad Credit.'

No matter what credit card you apply for once filing bankruptcy you really have to think twice about how you are going to pay the money back.

Get your spending under control. Once you are approved for a credit card, be sure that you use it carefully, perhaps only charging for things like gas and groceries rather than making unnecessary purchases with plastic. As someone who has declared bankruptcy, you should make every effort to pay monthly credit card statements in full so that you don't end up back in debt.

Another payment card option for people who may have had suffered from bankruptcy woes comes in the form of prepaid debit cards. These cards allow the user to only spend up to the total they have deposited in advance onto the card, making prepaid cards an excellent choice for consumers that are looking to control their spending.

I never filed for BK. Just wanted to know what my options were, concerning Secured CC's. Thanks for the 'tip', though.

I was looking, on the Web, for Secured CC's. Of course, they are a MUCH lower % rate than Unsecured CC's, however..SOME that I have researched say , on their Wesite, that they arent' "obligated to report to the CB's." I thought they were. There are ALOT of them out there. Can anyone recommend a 'ggod' Secured CC?

Secured credit card is essential to built up a good credit history only for those who are new and is about to start a credit history. Without a good credit history you cannot get a unsecured credit card, most of which comes with no annual payments. The secured credit cards have relatively low interest rates because of the fact that they are backed by your own money and so they have less risk as compared to unsecured credit cards. If you want to go for good secured cards, all you need to do is to go for that card which has low annual charges.

sdchargers,

I was shopping for a secured credit card some time ago, what a pain, kept running into companies that wanted ungodly amounts of money. I may have bad credit but I am not that darn desperate.

Good nautured, You should check on Docs site. He has listed what he feels is pretty good secured cards. I also wonder if a prepaid Visa would count with your credit history. I know you can buy them this time of year but unsure of their effects on credit.

That's what I mean, GN.........the amounts/fees ARE crazy. Just like you..I do want improve my credit. However........just like you (again) I don't want to get into MORE debt to do it. Shelling out ALOT of money..not knowing if it would 'work', not knowing if they will report to the CB's, etc.

There is no major difference between a secured and an unsecured credit card. The only difference is that in case of secured credit cards you need to deposit the amount you want as credit limit with the credit card company while in case of unsecured credit card you need not and so the interest rate on secured credit cards are lower since they are backed by your own money. Both the secured as well as unsecured credit cards charge a fee for cash advance and both has interest rates and both of them report debt to the credit bureaus. The only reason why people go for secured credit cards is that they do not have a good credit history to go for unsecured ones.