Will getting a secured credit card help?

I would think that even though it is a secured credit card that it is going to be reported to all 3 credit bureaus. But others will be responding with their comments but I think it would help.

ladybug

I would think you're correct because it does say on their website that this card can help start or improve credit...but I want to make sure all the T's are crossed and I's dotted before I make my move!

Yes, They do report to the credit bureaus. I am actually going to get the same card myself. I need to do something in order to offset the mostly negative issues on my credit report now that I have turned the corner and am getting back on track

Just make sure to check it out thoroughly and they're aren't any hidden charges and such but otherwise, go for it!
Good Luck,
Ang

I am glad to find out that Bank of America has secured cards. You just never know with these places but BOA has been around forever. I am thinking about getting one also to offset all of my negatives.

Could you pm me with the details of the BOA card...

ladybug

ladybug. I just left you the info but dont think i did it on a PM. i just clicked on your name and it said "leave a message" so i put it there.

I got it thank you.

ladybug :lol:

Thanks :) I'm going to go for it. I do feel more comfortable working with BOA since that's where my checking is and also there is a branch right down the street so I can talk to someone face to face if there are questions. I've looked at some others just for curiousity and noticed lots of hidden charges, etc. that would really add up. The BOA one seems to be fine and like I said...I feel more comfortable working through a real bank rather than "Bob's Credit Card Warehouse Superstore For Those Who Want A Secured Credit Card" ;)

BOA,Citi,and some credit unions offer these type of cards.Use it wisely and within a year your credit should start improving enough to get better offers.

Even though it's a secured card, be aware it's still a credit card. What I mean is, the only way to get out of debt is to not secure MORE debt.

My advice- only use this card once a month, for a small amount you KNOW you can pay off entirely when the bill comes; not just the minimum. Do this for a few months, and it will help your score rise.

DON'T use this card for a purchase that you can't afford NOW.

Good luck!

Well i've been using a credit card and paying it off at the end of the month only to find out that it's not reflected on my credit report since i've been paying it off!! It still shows 0 balance like it's never been used!! Someone told me to leave a small balance on it, like 10 bux so it will show revolving credit. Not sure how accurate this is but i was wondering why it didnt' show up on my report.
Ang

Ang the way I have been doing it is to pay them when the statement cuts.

What do u mean when the statement cuts?? I do wait for my statement to get to me then i pay it off, but last week when i looked it shows a 0 balance like it's NEVER been used!
Is this right?
Confused again,
Ang

Do you think it's just taking a little bit of time to show up on the credit report? I thought it took 1-3 months for something to show correct on your credit report? And isn't based on when the company submits their records to the credit reporting agency? I could be wrong, but it may explain it.
Good luck to you!

Ang the trick is to look at your credit report and see when their updates are coming in.Try to have a small balance when they report and then pay in full.It can be a royal pain in the butt but it does give us a little boost score wise as long as you do not go over 30% of your credit line for each card.

Well last payment Cajun i just left a small balance on it and will see what happens this month but thanks a LOT for the advice!
:D
Ang