secured card - higher limit better?
Date: Tue, 01/19/2010 - 10:19
Hi all, I have another question I hope you all can help answer. I've gotten so much help here already, and I'm very thankful for it.
If I were to get a secured credit card as a means of re-establishing credit, would there be any benefit to me getting a $1000 secured card as opposed to a $200 secured card?
Like, would it look better on my credit report to see that I have a $1000 credit limit card that is being being used for $100 a month worth of things and is paid off monthly, or would it be just as useful to have it be a $200 limit that gets nearly maxed each month before being paid off?
Thanks!
If I were to get a secured credit card as a means of re-establishing credit, would there be any benefit to me getting a $1000 secured card as opposed to a $200 secured card?
Like, would it look better on my credit report to see that I have a $1000 credit limit card that is being being used for $100 a month worth of things and is paid off monthly, or would it be just as useful to have it be a $200 limit that gets nearly maxed each month before being paid off?
Thanks!
Well, for secure credit cards you have to have the money deposit
Well, for secure credit cards you have to have the money deposited in your account before you can use the card and you can't make more purchase on it than your deposited value.
IMO what the lender would consider is that you are paying off the card in full every month.
