I have severely bruised credit would getting a secured credit card help my credit rating?
2007-12-04 10:52:20 · 5 answers · asked by smooth_talker 2 in Business & Finance ➔ Personal Finance
can anyone suggest a good secured card or a credit card for someone with bad credit?
2007-12-04 11:02:53 · update #1
any bank can help you out!!!
2007-12-08 05:43:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, getting a secured card can help your credit rating as long as:
1. The card reports to at least one (and hopefully all three) of the credit bureaus.
2. You make all of your payments on time and use the card responsibly.
Be aware that "rebuilding" your credit with a credit card is possible, but you will have to end up paying higher fees, etc.
Check out the Orchard Bank Secured card -
http://www.e-wisdom.com/credit_cards/bad_credit_2.html
2007-12-04 19:05:44 · answer #2 · answered by tw158 3 · 0⤊ 0⤋
Most banks offer secured cards, but most of them are for individuals who are building new credit, not fixing bad credit. Make sure you ask before you apply. The bank I work at offers a secured card but only for people with no credit not bad credit.
2007-12-04 19:23:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
New Millennium Bank Secured Gold
New Millennium Bank has guaranteed your credit approval for up to $10,000* (with both cards) in secured credit! Build or rebuild your credit the SMART way with a NMB Gold secured credit card!
* Approved regardless of credit history
* Credit limits up to $10,000*
* Reports to all 3 bureaus
* Get cash at over 740,000 ATMs
* No credit check
Apply online at: http://www.credit-card-gallery.com/Guaranteed_Approval.html and get instant approval.
2007-12-05 05:23:28 · answer #4 · answered by kassy kemp 2 · 0⤊ 0⤋
Yes, as long as you pay the bills on time. You're paying yourself back, so not paying the bills would just use up the money you secured the card with, but that will damage your credit even further.
2007-12-04 19:01:22 · answer #5 · answered by curtisports2 7 · 0⤊ 0⤋