Will getting secured credit cards help me to rebuild my credit?

Answers:6   |   LastUpdateAt:2012-10-27 13:59:45  

Asked at 2012-08-08 10:16:44
I have very bad credit , mostly due to medical bills, and partly for being young and irresponsible. In fact, I only had a credit card.It faded as a bad debt when I was 20. Now I have 24 and now I realize the importance of good credit. The only thing I have in good condition is my student loan. Under these circumstances, it would get some secured credit cards help me to obtain unsecured credit cards . If so , how long does it normally take . I pay my debts, but I'm still in college and my boyfreind and I have only an income of about $ 1400/mo . (So ​​credt card would be helpful ). Are Secured cards help me get a loan to pay my debts ?
Answer1lover454Answered at 2012-08-09 18:22:41
To answer the question , in some cases secured credit cards will open your credit card , but you have to give so much money in the beginning and monthly before you can use. Most secured credit car only starting out on a balance of $ 300 . If you have credit card debt , I would not be so fast to get another credit card and a combined income for two people is only 1400. I think contact with an area of ​​debt consolidation is the best bet for work outside their debts first and then worry about credit cards .
Answer2KdAnswered at 2012-08-10 10:28:42
If you are looking for a credit card for bad credit, there are many options to choose from. The two main types of cards available are either a credit card secured or unsecured credit card for bad credit. Both types of cards can help you repair your credit by giving you an opportunity to establish a good payment history. The costs and fees associated with these cards are very different, however. Also, depending on how bad your credit is, if you have sufficient income and other personal details, you can only qualify for one or the other.

First let's look at secured credit card for bad credit. A credit card secured requires that you deposit money in the bank and the bank will issue a credit card in the same amount to use. Secured cards are guaranteed to be approved because the bank has the deposit money if you do not pay your balance. A credit card with collateral for bad credit works like a regular credit card. Receive a monthly statement, and you pay the minimum monthly payment or the full balance each month. You will be charged an interest rate, annual fee and fees possibly others to account secured credit card.

Note that with a credit card with collateral for bad credit, no charges will be deducted from the bond you have with the issuing bank. The bank is just holding your deposit if you do not meet the balance of your credit card. You must pay your monthly payments, and owe the bank balance you have loaded in the credit card. You can not refuse to pay, simply because the bank is carrying out a deposit without damaging your credit. Read more about this in: http://www.credit-card-gallery.com/artic
Answer3Emma D.Answered at 2012-08-13 20:18:02
It is important to credit, but it is not advisable to use it. By all means go for a credit card secured because only the sender knows you and you are insured. The credit bureaus have no idea and only report what they have told them to use , payment , use it , pay it. However, do not get caught in the mindset of using future revenues to pay for current needs and requirements. You will never break the cycle of credit card if you continue to take loans to pay loans to pay loans. What you need to do is to live not only in the $ 1400 a month, but living below income and sock money for emergency savings and make a dent in its existing debt before taking on more debt. STOP ! Get a written estimate that you want your money to go. Make commitments to yourself that you can have a decent lifestyle based on what you earn today so you do not have to pay interest to borrow money does not have. Not much you can do about your bad credit, but that will disappear in time. For now, keep up with their debts and get a plan to reduce expenses and / or increase revenues. A large amount of money people waste on eating out, have all the bells and whistles of cell phones and cable TV and luxury cars and designer clothes, etc. If you want to be rich to do what the rich do. Your library has books with tips that can help. If you want to be poor with bad credit, keep doing what you 've been doing.
Answer4bobiAnswered at 2012-08-14 20:36:34
Yes ...

Reward credit cards reward you depending on the amount you spend on credit card. Generally , you can get benefits through 3 methods. One method is to get cash on the card, which is usually a certain percentage of each amount you spend. The next method involves giving points or any other symbol to customers accumulate. You can then redeem these points for gifts like luggage , cosmetics and other goodies that the credit card company offers. Most of these reward schemes have alluring gifts and a variety of selections. But the best option is to go to a cash reward by allowing you to use the money as you want.
Answer5Pei WenAnswered at 2012-08-21 14:30:24
Secured credit cards can help rebuild a damaged credit . However, just be sure to report to the credit bureaus . If you are not wasting time. About 70 % of secured cards report to the credit bureaus to three .
Answer6BrodericAnswered at 2012-10-27 13:58:03
Secured cards help you build credit . Just make sure you are informed bureas credit. You have to make a deposit equal to the credit line , but under U.S. law get your deposit back after a year and a warranty card will then be one .
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