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Rebuilding Credit

BPI
New Member

Rebuilding Credit

Hello,

 

I am trying to build credit but have been denied regular credit cards. Can anybody recommend a good prepaid credit card that will help me build credit history and advise if I should always pay the balance off in full?

 

Thank you

4 REPLIES
Frequent Contributor

Re: Rebuilding Credit

You'll likely get more help here: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit



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In the garden as of 10/12/2013
Senior Contributor

Re: Rebuilding Credit

Prepaid CC do not build your credit at all.

 

You need a secured card for that.   Capital One (and many others) have them.

Valued Contributor

Re: Rebuilding Credit

+1
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Valued Member

Re: Rebuilding Credit

I think you mean secured credit cards, which is where you put up the funds for the credit line and then pay monthly to so as to keep your credit line at it's original balance.  I applied for a wells fargo card with a $500 limit and my equifax score went up about 20 points just by getting it.  I will use about 10% of the credit monthly and pay it off way before it's due.  Hopefully this will increase my credit score along with other things I am doing.  Good luck.  Type in secured credit card  into the forum and you will get plenty of good information


Starting Score: 595
Current Score: 649
Goal Score: 712


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