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Secured Credit Card to rebuild credit
Posted on 4/13/16 at 6:01 am
Posted on 4/13/16 at 6:01 am
Anyone have any advice or experience using a secured credit card to help rebuild credit?
3
Posted on 4/13/16 at 8:32 am to The Levee
I used to work at a bank that offered them. They seemed to do a pretty good job. Just make sure you setup on autopsy the minimum payment. That way even if you pay it off every month you can never be dinged for a late payment if you forget to make a payment
Posted on 4/13/16 at 8:48 am to The Levee
Don't waste your time. Go to a credit union and get a secured loan. After 90 days of reporting, Capital One will give you a unsecured $500 card. If you are good with that for a year, you should be able to get one of their premium cards. At that point, other banks will give you a chance, sans American Express. If you ever burn them by not paying them, it can take up to 20 years before they will consider giving you a card.
This post was edited on 4/13/16 at 8:49 am
Posted on 4/13/16 at 9:02 am to The Levee
It's not a bad idea to help establish credit. If you do "burn" them, they will just cash your security in and pay it off. A share secured loan is also a good way to go to establish credit.
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