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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?
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 8:39 am to MsState of mind
good advice...will the minimum payment stay the same?
I only put like 200 on the deposit.
I only put like 200 on the deposit.
Posted on 4/13/16 at 8:44 am to The Levee
The payment would depend on the balance normally with say a $25 minimum payment. Whatever it is secured with will have a dollar amount, say $500. Always make sure the payment is made on time even if you plan to pay it off two days later.
I had my first credit card and paid it off every month and had like a $100 balance. I waited two day to pay it off and in the mean time got a $50 late fee. They would not waive it so I paid it off and closed the card. Don't let that happen to you.
Depending on how bad your credit is it could take a couple years to get back on an upward trajectory. The most important thing you can do is make sure all your payments are on time for 24 months. That is a weighted contributor on your score
I had my first credit card and paid it off every month and had like a $100 balance. I waited two day to pay it off and in the mean time got a $50 late fee. They would not waive it so I paid it off and closed the card. Don't let that happen to you.
Depending on how bad your credit is it could take a couple years to get back on an upward trajectory. The most important thing you can do is make sure all your payments are on time for 24 months. That is a weighted contributor on your score
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 8:50 am to anc
You can go get a loan but by having a card you are just having your deposit tied up. You don't have to use the card every month for it to report
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.
Posted on 4/13/16 at 9:14 am to anc
I'm already paying on a loan with Whitney Bank...will they offer me a 500 limit card after 90 days too?
Posted on 4/13/16 at 9:14 am to bubbz
already have a secured $200 card through Discover...I plan on paying it off in full by only using it to pay small bills like Netflix, Spotify, Apple etc. Maybe using it for gas as well.
This post was edited on 4/13/16 at 9:17 am
Posted on 4/13/16 at 8:03 pm to The Levee
quote:
already have a secured $200 card through Discover.
My wife did this 5 years ago. Was able to get the chase freedom 6 months later and within 2 years had a 730 score and could get any card she wanted.
Posted on 4/14/16 at 6:32 am to LSUAfro
That's good to know. I need that type of boost!
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