I am going to get a secured credit card to help rebuild my credit. Does anyone have any advice on a good one? I see the offers on the Internet but would like to hear advice from someone who has used one and it worked out well. I need to get my credit score up a bit more before I can re-fi at a decent rate so I want to get my credit score to go up as fast as possible. Any advice appreciated!
I had one through Capital One. I paid $300 which i got back when i cancelled the card. Someone got my card number and supposedly you can't get them to disallow automatic payments no matter how many times they have to remove the charges. I just gave up and cancelled the card.
My husband and I went through our bank (Wells Fargo). Our banker told us that they review your account every 3 to 6 months. She also told us never to spend more than 1/3 to 1/2 of your limit. If you keep your account in good standing and pay it off fast they will first double your limit, i.e. if you opened a secured account with $300 they'll double your limit to $600. If you continue in good standing, within a year, they'll refund your security deposit and give you an non-secured card. Hope that helps.
USAA offers the best regular MasterCard, in my opinion, especially if you want to avoid dealing with the NY banksters. I'm not sure whether they offer a secured card.
Have you tried applying for Orchard Bank credit cards? Credit one credit card? They specialize in approving people with damaged credit.
To rebuild credit it is easier to get a savings account, and get an equity loan against the balance in the account. It allows for the satisfaction of the debt in a small amount of time. Thus allowing the individual to qualify for unsecured credit cards.
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