2007-01-15 13:21:35 · 4 answers · asked by I'm yours 1 in Business & Finance ➔ Credit
Yes, as long as you keep making your payments on time.
Careful, I've seen a few with atrocious "annual fees", activation fees, etc.
If you're just trying to establish credit, you'd be just as well off getting a department store credit card and not have all the ridiculous fees.
A word of warning if you are trying to establish credit...Don't apply at too many places in too short a period of time...Too many inquiries can hurt your score.
2007-01-15 13:29:21 · answer #1 · answered by Kim K 2 · 0⤊ 0⤋
Yes, a secured credit card is the same as any other credit card the only people that even know it is secured is the company you have gotten the card from . The main reason places offer secured credit cards is so that people can build their credit. Basically if you have bad credit they need security so they will take you money and hold it to make sure you make your monthly payments on time and your account stays in good standing, after awhile you may be able to get that money back if your card is in good standing that is.
2007-01-15 13:27:30 · answer #2 · answered by samilynn04 2 · 0⤊ 0⤋
Yes it absolutely can boost your credit. What you need to do is make sure that the company reports to the three major credit agencies on a monthly basis. You will want to keep your account open for no less than two years and always be on time. Also maintaining a small balance will help.
2007-01-15 13:30:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes a secured card is a credit line but you need to make timely payments for awhile before it can help
2007-01-15 13:30:40 · answer #4 · answered by chris r 2 · 0⤊ 0⤋