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Thomas7

Joined: 21 Oct 2009
Thomas7's page
Posts: 5

71 Magic Points

Subject: Secured credit cards

Thu Oct 22, 2009 2:32 am

Hello, I have seen that secured credit cards are a great way to improve your socre. Where do you get them and which are the best ones to use? Thanks in advance.

debranewell2008

Joined: 10 Oct 2009
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Posts: 421

7253 Magic Points

Thu Oct 22, 2009 4:09 am

I would check with your bank. I read one post on here that they got a secured CD from their Bank that may be something else you could check on as well.

Thomas7

Joined: 21 Oct 2009
Thomas7's page
Posts: 5

71 Magic Points

Subject: Secured CD

Thu Oct 22, 2009 5:41 am

Pardon my ignorance but what is a secured CD and how does it help your credit?

Justin

Justin

Joined: 17 Jul 2006
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Posts: 1093

25288 Magic Points

Thu Oct 22, 2009 6:13 am

Hi Thomas,

Yes, of course secured credit cards are very efficient in improving your credit score. In a secured credit, your deposited amount acts as the collateral as well as the credit line for the card. You can use the card to purchase items and pay the bills on time. This will help you in building good credit.

You can get a secured credit card from credit card unions, if you are a member of that union. Or you can also get a secured credit card from Public Savings Bank, First Premier and Applied Bank.
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Justin

carol

Joined: 27 Jun 2006
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Posts: 1308

28489 Magic Points

Thu Oct 22, 2009 6:48 am

Hi Thomas7

When you go for secured credit cards, just don't go for any one that comes your way. Get to analyze whether they are worth your money or not. Find out how much you need to deposit for the card, how much will your secured credit card cost you, if there is any eligibility criteria, how much will your credit limit be and also about the annual percentage rate. You must also find out if timely payments are reported to the bureaus.
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Carol

Thomas7

Joined: 21 Oct 2009
Thomas7's page
Posts: 5

71 Magic Points

Subject: Secured credit cards

Thu Oct 22, 2009 10:54 am

TY Justin Debra and Carol

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