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Old 07-01-2014, 01:17 AM   #1 (permalink)
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Secured Credit Cards?

So, long story short, my credit was fudged up w/out any of my own doing, so now I'm in damage control/rebuild mode. Are these effective/good way to restore credit? Anything I should be aware of? I would be obtaining one through my local credit union and plan on speaking with a loan officer in the coming weeks. Thanks for any info!
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i think you will be fine. Fed Ex was always good to me until my wifes dog bit the driver. they usually don't avoid you unless they have a reason.

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Old 07-01-2014, 01:24 AM   #2 (permalink)
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secured cards aren't a bad way to build your credit at all. Granted I'm speaking as a Canadian but I can't see the rules being much different from Yankeeland. Nice thing with them is usually the security deposit is your limit so you can never really get screwed. Basically just keep making your payments and if you have a low limit card (say 300 or so) use it for everything and pay it off and repeat. If you do that it'll show you have good money management skills and can cope with the limit and in time they will increase it and such. With that said secured cards are bottom tier and you want to move away from them ASAP so you get looked at better for loans and such.
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Pump paintball is cheaper than any drug habit I've ever heard of.
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Old 07-01-2014, 08:44 AM   #3 (permalink)
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The biggest thing with a secured credit card is making sure you never ever ever ever carry a balance on it. They are good for rebuilding credit, but from my experience as a collector the secured cards often mean the bank owns whatever you secured that card with if you default(the company I was with waited 7 past due payments before this point). I can't count how many people would treat them like a personal spending account and rack up over 30k against their house then default and get their house foreclosed on. I vowed to never open a line of credit against my house because of that.
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Old 07-01-2014, 10:48 AM   #4 (permalink)
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So buy something then pay it off in full, correct? My bank treats these as an open line of credit.
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Originally Posted by lmartin View Post
i think you will be fine. Fed Ex was always good to me until my wifes dog bit the driver. they usually don't avoid you unless they have a reason.
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Old 07-01-2014, 10:52 AM   #5 (permalink)
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yes that's correct. Most secured cards (at least up here) you send them a cheque or MO for the limit they approve you for. That is their security. You don't put up collateral per se
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Originally Posted by ApoC_101 View Post
Pump paintball is cheaper than any drug habit I've ever heard of.
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Old 07-19-2014, 01:50 AM   #6 (permalink)
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Welp, made the plunge. Got to say the perks associated with it are quite nice, earn a $1 for the 'mall' for every dollar I spend and I can increase my limit whenever I want. Ohand I will get a shot at boosting my credit.
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i think you will be fine. Fed Ex was always good to me until my wifes dog bit the driver. they usually don't avoid you unless they have a reason.
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