=) ♥ (=: Best secured credit card?
I have been wanting to start building my credit so I tried applying for a few credit cards but I have been denied for all of them. I have a “lack of open accounts” and I haven’t “established credit history” to be approved. I was going to use the card ONLY to pay my car payment (because I have to pay it and I always do it on time) and pay off the TOTAL AMOUNT I used every month.
Well since that fell through I was thinking about getting a secured credit card. How exactly do they work? Which one is the best (that doesn’t include high hidden fees/clauses)? What would be a good balance to start off with? I could do no more than $ 500.
Any other advice on ways to build up my credit?
btw, the car isn’t in my name so its not helping my credit at all.
I have a few months left before it can be put in my name.
Thanks for any advice
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Answers and Views:
Answer by Brad
Just don”t get tricked into one that have you send in money to start the account. They realy ripp you off. Majority credit cards fees goes up if your late on your payment so look out for that and to get around it, it is best to set up a automatic payment from your bank account. Start with department store cards. Once you get one the others will come to you with out looking for them. You can also open up new bank accounts. They run a credit check to start the accounts so they can see if you qualify for the credit cards they offer and they will offer you loans with out you asking for them also.
Try your local bank/ credit union, BofA, or Orchard bank have good secured cards. BofA and Orchard have pre-approval websites to see if y
ou qualify before you really apply.
https://www.hsbccreditcard.com?refer=hsbcusa
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