Home     Forum     401k     401k Rollovers     Crypto Forum
    Register   Login   Members   Search   FAQs     Recent Posts    



Advice for best secured credit card

Reply to topic
Money Talk > Credit & Loans

Author Thread
financegenie
Full Member


Cash: $ 12.40

Posts: 70
Joined: 19 Aug 2010
Location: Mumbai
Advice for best secured credit card  Reply with quote  

i just filed for chapter 7 bankruptcy and was wondering if anyone on here had any advice/experience with secured credit cards? i want to start rebuilding my credit as soon as possible.

which ones are good? i know a lot of them have annual fees etc.... and i want to try to get the most out of it without paying people for it!

Thanks
Laughing
Post Wed Jan 12, 2011 6:11 am
 View user's profile Send private message
KatherineLee88
Preferred Member


Cash: $ 22.65

Posts: 112
Joined: 10 Jan 2011
Location: Iowa
 Reply with quote  

Although I don't know for sure, I would assume most or all secured cards costs some sort of fee. They sort of act like debit cards in that you have to deposit money into the account and then you can use them. In order for the company to make some sort of money on them for the service it would make sense to charge a fee.

Anyways, I recently got a second credit card from Chase then I realized that personal financial advisors like Suze Orman would recommend getting a card from a Credit Union. There is a web site, which I have absolutely NO affiliation with that tries to explain the benefits of a credit card from a credit union. I would say if you could find a credit union in your area that is good and offers a secured card, go through them.
www.creditcardconnection.org

If I ever want to tack on another credit card, I would get a card from a credit union just because they are federally regulated to not offer cards above 18%. Good to know now that I have my new Chase card that has a higher rate than the card I got 2 years ago when I had NO credit history! I guess since I never carry a balance it doesn't matter WHAT they put it at.

In your situation, just research online for some secured cards. You may just have to pay a fee for awhile to help build up some credit. It would not be forever, and then you can later apply for a unsecured card that gives you some rewards.

Good luck!
Post Wed Jan 12, 2011 1:06 pm
 View user's profile Send private message
marketeye
Member


Cash: $ 2.00

Posts: 10
Joined: 25 Jan 2011
Location: Atlanta, GA
 Reply with quote  

It may sound ironic but a quick way to bounce back from bankruptcy and re-establish your credit rating is to apply for a secured credit card. As you make regular payments your credit history will improve. Make sure you can fully commit to meeting the payments on time you'll just be making your bad credit situation even worse.
Post Sat Feb 19, 2011 6:36 am
 View user's profile Send private message
dthomas
Contributing Member


Cash: $ 5.85

Posts: 29
Joined: 20 Jan 2011

 Reply with quote  

When you're looking for a secured credit card, make sure you find one that has limited fees and reports every monthly payment to the credit bureaus. Sometimes people get confused between secured credit cards and prepaid debit cards - debit cards don't typically get reported to the bureaus. So make sure you go over the fine print before you do anything else.
Post Mon Feb 21, 2011 8:18 pm
 View user's profile Send private message
MrPolarZero
Preferred Member


Cash: $ 31.00

Posts: 150
Joined: 31 Jan 2011
Location: Aliso Viejo, California
 Reply with quote  

I am really not that familiar with how the secured credit card works. But as far as I know, most secured cards do have limitations on funds use.

Annuities
Best Life Insurance
Post Tue Feb 22, 2011 4:43 am
 View user's profile Send private message
petewilly
First Time Poster


Cash: $ 0.20

Posts: 1
Joined: 05 Nov 2014
Location: California
 Reply with quote  

Well, I'm not sure if you were already able to find a secured card for yourself. While secured charge cards can be costly, there are situations where they can be quite helpful. Repairing your credit is the main reason. Here are a few of the secured charge cards for just that scenario. How many times have you expected additional information on ways to get a cheap payday loan and resorted to a web site search on payday loans?" No need to worry. All the information and facts you'll need is at Match Financial.
Post Wed Nov 05, 2014 6:40 am
 View user's profile Send private message
littleroc02us
Moderator


Cash: $ 384.35

Posts: 1891
Joined: 09 Feb 2009

 Reply with quote  

Why do you need credit right now, you just filed bankruptcy. Seems like you might want to figure out what led to having to file for bankruptcy and how to prevent another problem in the future. Bankruptcy doesn't fix the symptom. Most people who file are right there again in the future, they haven't figured out how to budget money.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Wed Nov 05, 2014 3:35 pm
 View user's profile Send private message
Offshore-Wealth.com
Senior Member


Cash: $ 14.80

Posts: 601
Joined: 20 Jul 2005
Location: FREEDOMLAND
CREDIT After BANKRUPTCY  Reply with quote  

One thing I have seen is that bankruptcy is a green light for credit card companies to solicite you, and for good reason, you can't file bankruptcy again for ten years, so they can go after you if you default, so technically this is less risk, so companies like Capital One will send you dozens of offers as soon as they get your name from public records. Credit lines are low to start, but well worth it if you are looking to rebuild your credit.

Another tip is to apply for Fingerhut credit, they report, and as long as you repay on time, this can get you the better deals in a short time. The sooner you get restarted with credit the better. Secured cards are an option, but they do not cary as much weight as a non-secured credit card, even if it only gives you a $500. line, most will step you up in credit lines in as little as six months of paying on time every time.

Success to all,

FREE PAY IT FORWARD OPPORTUNITIES
http://ENVIROPURELIGHT.com
http://FREE100KSECRET.com
Post Sat Nov 15, 2014 11:09 pm
 View user's profile Send private message Visit poster's website

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      


Money Talk © 2003-2022

Crypto Prices