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hey i'm looking for a new credit card, low apr, balance transfers, airfare rewards, you guys got any good ones?
thanx
... |
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 How to begin fixing bad credit? |
Needless to say when I was younger I made some bad choices. The two largest things I did wrong was:
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When I was younger my Mom put bills in my name and now at 19 I have bad credit!!
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c-dawg | Will opening a secured credit card improve my credit rating? |
I have heard that applying for a secured credit card (setting my own account spending limit) will help improve my credit score. Is this true? And how does that make any sense? |
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lacy k
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These cards require that the card holder put down a deposit with the issuing bank. This deposit secures the credit line extended by the bank; if the card holder does not pay the card as agreed, the bank will keep the deposit. There are also high interest rates and fees for secured cards, but they may be less expensive than those on unsecured cards.
If you have a few hundred to put down on a secured card, it's a good option to help you start rebuilding your credit. Another plus to the secured cars is that as long as you can put down a deposit, a lender will approve you - these cards offer virtually "guaranteed" approval. It's another good option if you do not have or cannot qualify for a regular unsecured credit card and want to finance consumer items.get a secured credit at :http://www.credit-card-forums.com/Secured.html |
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Sane
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Yes it will help. A secure credit card is not one where you set the credit limit. It is a card where you open an unaccessable savings or checking account with the issuing bank and deposit enough money in it to pay the balance off in full on the credit card if you should default. These are typically $300 or $500 limits. Then you use and pay on the credit card as you would normally. You will need to do this and endure a higher rate and annual and maybe monthly fees for about 1 to 2 years to really establish a decent credit history and bump your credit score up. |
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freyja5683
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Yes this will help your credit rating. You put 500.00 in an account and then you basically use that money to make purchases. That 500.00 is your secured card limit. You need to make monthly purchases, small ones are the best and pay off the balance each month or at least more than the minimum payment. This will then in turn show the credit bureaus that you are trying and making the payments in two years time you can then request that the card be an unsecured credit card and you will get your 500.00 back. It makes sense a bit it shows the companies that you are doing what you can to help repair your bad credit or no credit. It shows them how responsible you are, and will at least a small bit help your credit rating. |
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wizjp
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Eventually it will help. Worst kind of card, and it'll take forever, but make payments as agreed, NEVER MISS ONE, keep the balance under control and at least you'll have one positive credit asset to show you are doing a better job. |
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JonBandit
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Definitely YES!!
It establishes or in some cases re-establishes your credit history. |
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SPIFIMAN1
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Yes it will. It takes a long time to raise your score but in the long run it's worth it. What you need to do is charge something around 50% of your credit line and pay it out over 6-months. Then do it again and again. After 18-months of the credit card reporting paid as agreed, you will have re-established your credit.
I went through it when I filed bankruptcy in 2001 and now have great credit. |
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Scott W
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Yes it will. Use it some. Pay the bill. Pay a little interest. Do not be late at all. Eventually they will send you back the money you sent them to secure after a few years. After a bit take out a loan at the bank. If you have to get a secure loan (meaning open a savings account and borrow from it). Pay the loan down. The secret is NOT to use the Credit card for silly things. If you want to buy something, use the card and pay the balance over 2 or 3 months. No more cause it's silly to pay too much interest, but important that you pay a little. Check your credit report with the 3 agencies that allow you to do so for free (you are allowed one per agency per year). If you see anything negative, challenge it on line. Lastly set up a monthly budget. This seems like a pain, but watching where your money goes is important to figuring out how to save. Always make a payment on these cards. If you do not carry a big balance, then you should always be able to make the mini mun. Try to make way more than the minimum, but at least make the minimum. Do not use the credit card to pay for meals, bar expenses or anything like that. Use it to buy something you would buy for cash, then use the cash to pay off the bill over 2-3 months. I am speaking from bad experiences in my past but my credit has fully recovered. Track where your money goes, and you will be be more carefully with it. I hope this helps |
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Jeremy P
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Yes, opening a secured credit card will slowly improve your credit rating. Of course, you need to consistantly carry a balance and make all payments on time. Eventually, you can apply for a 'regular' unsecured credit card with lower interest, less fees, and no security deposit.
If you want to avoid the security deposit now, there are many credit card issuers who provide 'unsecured' credit lines to people with poor / no credit. You can find a complete list of offers here:
http://www.asapcreditcard.com/unsecured-offers.html
GOOD LUCK! |
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holfordstars
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It makes perfect sense to the bank to loan you money in the first place - as they'll always get more back (one way or the other).
To have a secured credit card will help you obtain a better amount or maybe even better terms through your bank but I would suggest that your credit rating will only get better when you use the card on a regular basis and pay off the debt on an equally regular basis.To spend right up to the limit in one transaction is not as good as spending regular amounts and making regular payments. |
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$m¤¤v¥ £¤¢¤
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Yes they do. And not only do they raise your score if you use it wisely, you'll have an excellent chance to convert it into an unsecured card and get the deposit back with some interest. I had a secured card with my bank that I put up a $1000 deposit to get a $1000 line of credit. I bought small items on it and quickly paid it in full each month. It took me about 9 months before the card became unsecured and I got my deposit back. I ended up redepositing the money back into a certificate of deposit which I used as collateral for a signature loan that I quickly paid off to boost my score even higher. My advice with a secured card is to start off small (like $200-500), charge less than $30 on it, pay it in full every month, and increase the security deposit as much as you can every couple of months if you have the extra cash to spare it will be temporarily tied up in the security deposit. The higher you can get the limit while it's secured, the better it will look when it's unsecured. Remember, if you use it wisely, you'll get the deposit back, you will have saved you quite a little nest egg emergency fund and you'll have an unsecured card to boot. |
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