CapOne Secured Card

[Anonymous]

I have  bad credit I am trying to rebuild. My scored hovers around 550-575. Will $200 on a secured card help build my credit any? Is there a better minimum I should get do show improvement on my score? Don't know if it's worth it to put more on a card, that will never go unsecured.

[Anonymous]

Yes, it will help. I wouldn't place too much more than that on the card because you're right, it will never unsecure. 

[Anonymous]

rather it unsecures or not i would put at least $500. you can close it in a few years when your credit builds back up

[Anonymous]

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@Anonymous wrote:

I have  bad credit I am trying to rebuild. My scored hovers around 550-575. Will $200 on a secured card help build my credit any? Is there a better minimum I should get do show improvement on my score? Don't know if it's worth it to put more on a card, that will never go unsecured.

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If you can swing $500, then I would put that down on Cap 1 so that it gives you more cushion in regards to UTI.  When I got it, you could add additional funds, but once they took away that option, I applied for the Venture and QS and closed it.  It took about 6 months, but I started getting other card offers.  Look upon it as an investment in your future. 

[Anonymous]

Maybe look into the Builder Program card.  It has the potential to grow unlike the Secured Card (which DOES get a small unsecured CLI at the 6 month mark but I've not seen it grow any further than that to date from any reports) and it is not secured.

The limit is really small for the first 5 months but then it becomes a $500 unsecured Platinum MC.