Can someone with bad credit use a secured credit card to boost up their credit?

Answer 1

Yes, that is actually a great way to boost your score and the best part is the only ones that know it is secured is you and the bank. The credit beureaus do not know

Answer 2

First let me explain what makes up your score:

1. Payment history- 35%
2. Total debt vs. Available credit- 30%
3. Length of time establishing credit- 15%
4. Types of credit establihsed- 10%
5. Inquiries and New Accounts- 10%

With that said, how a secured cards can help boost your score is that
#1. It helps build credit with a major revolving account

#2. Depending on how much money you're able to place in the deposit, you could build a card with a high limit which would DEFINITELY help your score because it would improve the ratio of debt vs. available credit. The more you put in the deposit, the higher the limit, the better your score will get.

#3. This allows you to create a nest egg for yourself and build credit at the same time. Keep in mind that as long as you make small purchases that you can pay off on time every month, you get the deposit back.


I posted links to several secured cards


Hope this helps,

Good Luck!

Answer 3

Yes you can. But make sure you read the small printed regulations completely. They should give you the money back when you close the account or when the time limit is over (some credit card only keep your money for a certain amount of period the they give it back to you). But there are other credit cards out there that take some of your money out so when you get it back you will get less money than what you put in. Do a good research.

Answer 4

Yes. Secured credit cards for bad credit are designed to help people rebuild their credits.

Answer 5

I think you need to improve your credit score. To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your scoreyou still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.

Answer 6

Yes get a couple of them. But never go over 30% of your availiable balance. Always keep a running balance, but as I said never go over 30% unless you plan to pay it down to below 30% immediately.

Lets say you have two 500 dollar secured credit cards. And your balance on both of them is 450 dollars. You never make a late payment. This will actually make your credit score go down. You dont want your availiable balance to ever go over 30% to really increase your score.

Answer 7

Yes, that is a great way to boost your score. If you want to find other solutions to improve your credit score you should visit http://www.your-credit-solution.com/creditsolutuions.htm . They helped me increase my score by 200 points in less than 90 days.

Answer 8

No because it is like a debit card, using your own money. Here is a site that I believe they can get a card.
http://www.1-800badcredit.com/bad-credit-card.html

Now once you have a new card, it's like a second bite at the apple -- don't screw it up.

Answer 9

the excellent thank you to repair your credit is to first paintings on paying off all your bills. in case you nevertheless have defaulted/charged off credit taking part in cards, start up paying those off. If all your previous bills are paid, they're going to drop off of your credit checklist 7 years later. as quickly as your bills are paid, organising any form of credit checklist (mastercard, automobile own loan, etc.) will help.

Answer 10

Yes, absolutely. That's what I did and it helped.