Is a secured Credit card a good idea?

Answers:1   |   LastUpdateAt:2012-09-18 21:50:03  

Question
mickeymouse
Asked at 2012-08-23 08:31:21
If so , then how exactly do they work? I'm trying to raise my credit score very badly ! And I can not get a loan at all, so this seems the only option. Is it a good or bad idea ?
Answer1AnthropianAnswered at 2012-09-18 21:50:03
As a mortgage lender I tell all the credit challenged people to obtain a secured credit facility to increase your credit . Secured credit facility is just a way for you to build credit , as it is actually provided their own money . Basically , you go to your bank or credit union and ask if they offer secured credit lines and to give the terms . Usually you will be given a $ 150 - $ 1000 limit (which should get to start ) and an annual fee of $ 75-100 MedlinePlus . MedlinePlus Use the card at least once a month and either pay or balance below 30 % . Your credit score is a history of how you manage credit lines open . The aim is to demonstrate that you can buy things and pay it off or keep a small balance secure and manageable debt . This will increase your score quickly, also pay all collections and update delinquent accounts you currently have. You can even add two lines of credit . MedlinePlus MedlinePlus FYI eventually secure line would be transferred to a regular credit card when the value of the credit increases
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