Secured Credit Card, Anyone Reccomend One?
I have heard that secured credit cards can rebuild your credit. Is this true or false. If so can someone reccomend a legit company that wont take my money and run and also a company that will report my credit?
Thanks
Some bank cards are noted as a secured card, (on your credit)others are not . To help you review what cards may be best, examine - www.qiucken.com - or www.cardweb.com and see what's best for your needs for the best card . There's a
few non-profit sites that provide a service that selects the best card based on info.you input- (credit score & your needs) that you can obtain .
Good hunting! Mark
:-D :-D :-D
Actually I want to clarify that I don't know if a secured credit card is reported differently than an unsecured credit card on your credit reports.
I searched quickly online but found no answers.
I found that most banks will report a secured credit card as a secured credit card.
The best cards according to many people at www.crediboards.com is the National City Secured Visa. I guess that they approve everyone as long as they are not in bankruptcy. The card is reported as a regular unsecured to all 3 credit bureaus.
You must call and request an application as there is no online application. Their number is 800-762-0974.
Hope this helps.
I have seen many credit reports and you can not tell if it is secured or not and it really doesn't matter. What matters is how much you charge every month, how much you pay, and if you pay on time.
Lori
[addsig]
tinman1755,
While I do not doubt that you have seen many credit report, I beg to differ. Most of the secured cards out there will report with a notation that it is a secured card. This is also a factor in determine a credit score. It can actually be a negative factor as far as the score. I agree that what matters more is the way you use your credit. For many people, a secured card is one of the only ways to get stared building positive credit. Other ways to get positive tradelines on your report if you have no credit are: getting student loans, getting personal loans from credit unions (they tend to be liberal in regards to small loans to their members), or becoming an authorized user on someone else's credit card (be careful, some companies don't report authorized users and you run the risk of the other person paying late or defaulting).