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will a secured credit card help my score?

Posted on: 25th May, 2009 03:21 pm
I don't have any lines of credit open. I have a low score because of chargeoffs and collections. Nothing within the last 4 years.

I am thinking about get a secured CC from Bank of America where I give them $500 and they give me a CC with a $500 credit limit. I only want to do this if it is going to help my credit.

Will they report my timely payments to the any or all of the credit agencys? If so will it help? Its a secured card, its not like they have any risk lending to me. Its my money.

Thnaks for the help
Absolutely. Bank will rpeort your timely payment and also if you over draw.

So once you get a secure credit score, you will help your serlf by makign payments on time.

Make sure you do not over draw or pay late.
Posted on: 25th May, 2009 06:53 pm
guest, that is a good idea, in fact. how you handle it is critical. you'd be wise to use it only occasionally, and pay in full when the bill comes (why pay interest?).

in addition to this card, it would be beneficial to you to obtain a couple more cards or accounts (store cards, etc. or another secured card from another lender). credit unions often offer secured cards also. treat these in the same way - use minimally and pay often and on time.

the optimum credit score is going to be reached easier when you have at least 3 tradelines that are favorable. it will take some time, as you must demonstrate a good payment history, but it will also pay off for you.
Posted on: 26th May, 2009 08:30 am
Guest do nto go and apply for too many credit cards and store cards or new credits.

Every time when you approved or denied for new card or loan, your creditscore will be hit and will lower the score.

So go slowly and built a decent credit report and handled it properly.
Posted on: 26th May, 2009 09:19 pm
Hi Guest, Time and patience will help you in the long run. Pay your bills on time every month and dont over use them and you will rebuild you score over time.
Posted on: 01st Jun, 2009 03:12 pm
Guest Garysnober is correct.

Do not fall in to suggestion which tell you that by applying for multiple cards your credit score will improve quickely or over night.

Good luck and feel free to ask any questions.
Posted on: 01st Jun, 2009 08:29 pm
Yes it will. A secured credit card is given to people particularly to those with poor scores because it would help their scores improve. Just make sure that you make timely payments, do not go beyond your credit utilization ratio and do not max out your secured credit card. Once banks report your timely payments to the credit agencies, your score will slowly improve. Just check your credit from time to time to keep track of the improvements.
Posted on: 10th May, 2013 04:27 am
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