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Showing results for tags 'secured credit card'.
A secured credit card's minimum deposit is usually two or three hundred dollars. Is it better for your score if you buy yourself a limit of say $800.00 rather than getting the minimum of two or three hundred? Is having and responsibly using multiple secured cards better for your score?
I want to rebuild my credit so I'm looking at secured credit cards. I read a thread from 2011 about secured cards that don't report as secured. Which cards report to all 3 major credit bureaus and report as unsecured as of 2015?
I posted here a few months back about medical collections showing up on my report and I'm happy to say I've vanquished all but 2 of them on my report and 3 on my husband's. I should have the problem ones off our reports soon. If not, they'll all fall off within 2 years or so. Now that I'm mostly done with the negative, it's time to build the positive. My husband has never had a credit card and I was dumb and paid all of mine off then closed them 7-8 years ago. One one is till showing on my Experian report as a positive, but it could disappear at any time. We're thinking of using part of our tax refund as collateral on a secured card for each of us, but we're not sure the best way to go. I'm nervous of reviews on CreditKarma.com and the like because I'm not sure if the card issuers are bad about spamming with positive reviews. Here's the details on what we need: - Our TransUnion and Equifax Vanatge 3.0 scores are hovering around 600. Mine are just above, his are just below. No clue what our "real" FICO scores are. - 2 medical collections on mine, 3 on his (one under $100) that are all older than 5 years. - We'd like to open each card with $200 ($400 total). - We'd like to easily increase our credit limit later. Transition to unsecured would be great, but not a huge deal for a while. - We want to avoid cards that require funding and payment from a checking or savings account. Too afraid of them pulling something dirty. - Annual fee under $50 (can slide on this a tad) and no activation fee. - No fee for an authorized user. We plan on listing each other as an authorized user to double our positive accounts. - APR isn't a huge issue. We plan to only have a $20-$25 balance month-to-month. Our plan on these cards are to spend around $100/m each card on things we already pay for (Husband pays cellphone bill, I pay for gas and household stuff). Set aside the money we would have spent anyway and pay the bill down to roughly 10% of the limit. This is what I did before and I was never late and never had more than 40% utilization for longer than two months. Any suggestions? Thanks!