who issues secure credit cards to build credit?

[zixxer]

yeah see topic

 

[C'DaleRider]

You can probably get your bank to issue you a secured credit card since they are issued with a credit line equal to the amount of money deposited......as you know, the deposited money is held as collateral for the card.

 

[huesmann]

Do debit cards build credit? The ones tied to a CC company. Like my bank ATM card is also a Visa debit card. That might be an option.

 

[Ly2n]

I got my first one through Capitol One. $300 credit line with a $200 deposit, and an annual fee. In less that a year I had a new unsecured card from capitol one with a higher credit line and no annual fee.

 

[dakata24]

Originally posted by: huesmann
Do debit cards build credit? The ones tied to a CC company. Like my bank ATM card is also a Visa debit card. That might be an option.

nope.

 

[FoBoT]

Secured Survey - November 2003

 

[Nocturnal]

I'd recommend getting a secured Visa or MasterCard from your local Credit Union.

My credit score has gone up from 525 to 615 in less than a year. I had really bad credit too. I just have too much debt right now. Once I get my debt down my credit score should rise a lot more.

 

[Ryan]

Your local credit union.

 

[shimsham]

if you can, save about $1000 in a savings account, then try for a signature loan using the savings account as collateral. pay the debt off normally (through payments), and you should be ok. youd probably be best off doing it that way, than wasting your money on a high interest rate CC.

 

[RossMAN]

Just about any bank offers a secured credit card, it's more common than you would think.

That's how my wife, sister and some friends all started out with their credit.

Save up $300-$500
Go to your local bank/CU, ask for a SECURED CREDIT CARD application
Open a savings account or CD (which is FROZEN - you have no access to the funds) and they use these assets as the collateral
You have a 99.99% chance of being approved all by yourself even if you just turned 18 and have zero credit history

It's a great way to start out. Use your cc every month, pay it off in full to avoid finance charges, 1 year later apply for a regular unsecured cc you'll be approved, close your secured cc and get your money back plus interest earned.