Do secured credit cards actually help credit?

Question

I just got a washington mutual checking and saving. My credit score is bad. And I mean BAD. Like below 500 bad. Would getting a secured credit card with washington mutual help my credit? I'm either going to keep using my capital one or open a secured, whichever boosts my credit faster. And please don't say anything stupid like pay your bills I know that. I need a serious answer

Answer 1

A secured card won't be better than your Capitol One card. It's how much balance you are carrying and payment history that impact your credit score.

Getting another credit card would increase your available credit limit. Your debt to available credit limit ratio should be less than 30%. If you're at 50% or more, it kills your score.

You may not want to hear it but the best way to improve your credit score is to pay your bills on time. The longer the on time history, the more your score improves.

Answer 2

A Credit card for people with bad credit is a form of borrowing that often involves charges. So it's wise to compare terms and fees before you agree to open a credit or charge card account. Try looking for a credit cardwhich credit cards you should apply for? Shop around because not all credit cards for people with bad credit are created equal.