Secured card and rebuilding credit please help me???

Question

How does a secured credit card actually work?Me and my husband got into alot of trouble about 8 months ago.I was 7 months pregnant when he was in an accident.Broke his collarbone, and fractured his skull.He was unable to work for about 6 months.We lost almost everything,and our credit is now terrible.Our bank accounts got closed.We are just now starting to get back on our feet.To help us repair our credit, would a secured card be the way to go? Is it even possible to get one without any bank accounts?How do they work?How do you deposit money into them with no back account? Its just horrible right now.We live with my parents, and because of out credit we cant even get our own place now.I dont know what to do. Would this be a way to start getting back on track?Do they report it every month?Does it really help you credit?Please Help,can you give me some information about them? or have any other advice for rebuilding our credit?And what is the best secured card that you know of?Please help

I have never had a credit card. Thats not the issue. We have steady income right now. But our credit is destroyed now. We are trying to rebuild it. We cant even open a checking account because its so bad. So thats not the issue. And no we arent going to charge money we dont have, we just want to rebuild so we can get approved for our own place. We could be out of my parents now, but our credit is stopping us.

Answer 1

Try to get savings/checking at Bank of America if you have any branches near you. Talk to a branch manager (in person), they usually override the chex system requirements.

B of A also has good secured card plans from what I've heard.

Answer 2

Sounds like you need to get a bank account and steady income first. That is priority one. Secured cards will be okay, down the road. But now all you will do is spend money you dont have. I would recommend getting some savings and getting your life back in order before you get another credit card.

Answer 3

Sorry to hear about your ordeal.

This is what you need to do: get a secured credit card by going to any bank and opening up a savings and CD account; you do not need credit to open up a savings account. Once you have both accounts, apply for a secured credit card through that bank utilizing your CD account as collateral. Now, you will need to talk to the finance officer IN CHARGE and let them know exactly what you are doing and what got you to your position. You need to articulate to them that you will need them to report the credit as unsecured revolving debt. This will ensure that the credit account shows up on your credit report as unsecured debt which has more weight on your credit than secure debt.

Next, you will need to find a relative or friend with excellent credit and have them add your names to their good standing accounts; you are basically becoming a credit borrower. Once your names are added to the accounts, those accounts will show up on your credit report on the day that lender reports to the bureaus. This will improve your credit dramatically.

Lastly, order a credit report and dispute ANY questionable information on it. Your credit score will rise during the dispute process in some cases, further, the credit bureaus have 30-days to settle the disputes less they must remove the information by law.

I hope this helps you move in the right direction.

God bless.

Answer 4

I agree with meghen but if you want a card to help reestablish the best one I found is http://robertscredit.com/ far right there is a link. check it out. You have to put down 0.5% of the amount you want to have on your card there are no credit checks and no inquires. 100% approvel. This is just a card to help reestablish not go max out.