which secured credit cards help rebuild/build credit after a divorce?

Answer 1

As long as the secured credit card reports to the three major credit bureaus, you will be able to build/rebuild your credit.

Make sure :

1. They report to the 3 major bureaus, Transunion, Experia and Equifax.

2. They do not charge any one-time application or processing fee.

3. Annual fee should range between $15-40.

4. Make sure you are paid interest on the deposit you make with the card issuer.

5. Make sure your credit limit is 100% of your deposit.

6. Ask how long before you will be offered unsecured credit card.


Follow these guidelines, pay your bills on time and preferably fully and you should on your way to rebuild your credit.

Answer 2

I am doing the same thing with a $300 card accept I charge the card half way to 150$ and pay it off every month so there is no interest. The larger the amount the more credit but keep in mind if you're card has more than half its balance used up at the end of every month it actually lowers the score and sends up red flags . So charge half the balance every month and pay it immediately. I am using the Bank of America secured Visa and it so easy to pay it off on line before its even due with a linked checking account . Really I consider it no risk since I am paying no interest and I just use it for groceries. Its the same as using my check card accept I get credit so why not charge a little more and receive the benefits. Good luck with your credit ! about the comment on the high fees Bank of America does not charge those silly fees . Mostly the on line No name banks do that but not a reputable bank some reputable banks may charge an annual $50-60 but that's pennies when it comes to the hardships you can suffer from bad credit

Answer 3

Stay away from Aspire and Centennial. They are extremely sub prime. You will pay almost as much as your credit limit in non refundable fees. Then pay again every year. They will never drop their massive fees.

Try Bank of America, Orchard Bank or HSBC secured cards. Orchard and HSBC are good starter cards, but they really won't grow with you.

Bank of America will grow with you and should unsecure in 9 to 12 months as long as you keep the card in good standing.

Chevron/Texaco has a rebuilder card. If you don't qualify for the regular card they will offer the rebuilder for a small fee. If you keep that card in good standing, it will graduate to the regular no fee card.

Crown Jewelers will give you a very good tradeline on your reports without even pulling them. Their catch is that you have to order something to get it on your reports. But, for $30 or so you could have a $1500 tradeline which will help your credit scores.

If you get BofA and/or Orchard, HSBC then Chevron and CJ's, allow them to report for 4 to 6 months then try Walmart.

If you get denied for a card, always call for a reconsideration.

You might check out the site I've listed and do some reading in the credit forum. There are many people who are rebuilding their credit that post in there.

Answer 4

This Site Might Help You.

RE:
which secured credit cards help rebuild/build credit after a divorce?

Answer 5

try orchard bank..... and capital one and centennial... they all help to rebuild credit... another is aspire.... but the interest rate they charge is ridiculous...
also try getting a gas card... chevron.com or shell.com
they are easier to get and will help your credit same with a target card or walmart card though its a bit harder to get a wal mart card if you have bad credit as they use citigroup which is harder to get credit with...
most all secured credit cards will report you to the credit people for a small fee... usually like 9.95 per month or quarter ... read the terms...