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luvnet217
Joined: 02 Feb 2009
luvnet217's page
Posts: 12
551 Magic Points
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Subject: secured credit card
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Tue Feb 03, 2009 1:12 pm
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| how can I get a secured credit card? do all credit card company offered this secured credit card?what are the requirement for this?so I can get credit card even I don't have a stable job. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Wed Feb 04, 2009 7:01 am
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Most of the banks and credit card companies offer secured credit cards. You need not have a stable job or a good credit score in order to get a secured credit card because there are no risk associated with such cards. Secured credit cards are backed by your own money and you may be required to pay an annual fee for the card unlike the normal or unsecured credit cards. These cards are the best way to build up a good credit history and therefore a good score as these cards also report to the credit bureaus.
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Carol |
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credit score
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Wed Feb 04, 2009 7:05 am
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| How can I build up a credit score with a secured credit card? |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Wed Feb 04, 2009 7:14 am
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Building up a credit score is very easy with secured cards. All you need to do is to make regular payments with your cards, like utility bills and other compulsory monthly payments and repay it back within the due date. If you continue this for a year, there will be a credit history build up and since credit history contributes 35% in your credit score, your score will improve. Again there are other factors like length of the credit history which contributes about 15% in your score. If you continue making payment with the secured card for a year, the length of the credit history will also improve. However, you should not default on your payments. If you do so, then instead of building up a good credit score, you may reduce your score.
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Justin |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Wed Mar 04, 2009 8:32 am
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just before applying to secured credit card make sure that you agree with their annual fees as in most of the cases these fees are overseen and later on the person gets a big blow with different kind of deduction.
so if know beforehand what are the admin charges and what are penalty charges so in this case you become aware beforehand how much bill you are expecting.So you can arrange for the bill amount and prevent the further loss of good credit track record.  |
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xxunluv3dlizxx
Joined: 04 Mar 2009
xxunluv3dlizxx's page
Posts: 5
250 Magic Points
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Sat Mar 07, 2009 1:54 am
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| I found orchard bank's secured credit card to be one of the best deals, they don't have any monthly processing fees or wierd fees, they do have a $35 annual fee that is waived for the first year, there's a minimum security deposit of $200. |
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ensurepune
Joined: 17 Feb 2009
ensurepune's page
Posts: 102
510 Magic Points
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Thu Mar 26, 2009 4:49 am
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i checked with orchard bank's website for this credit card. this is nice one.
xxunluv3dlizxx good advice on the part.will surely give a thought for one. |
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cbass1017
Joined: 01 Feb 2008
cbass1017's page
Posts: 143
Location: PA
1528 Magic Points
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Sun Apr 05, 2009 3:24 am
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Looks like the best one I've seen or heard of.
Also most companies that offer secured cards allow you to upgrade your card to an unsecured credit card after making on-time payments for one to two years. This is by far one of the best ways to begin building a good credit score.
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Scott McKay
FreeOnlineCreditGuide.com |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Thu Apr 09, 2009 2:16 am
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| Yes these are great for starting to build credit, you use your own money for the credit limit and it reports monthly just like any other credit card. As for building credit, Best thing to do is charge stuff on it but no more then 45-50% of the limit and pay it monthly. Building credit history is a very big part of your score. And dont be late hehe this will effect it negatively. |
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