cancel
Showing results for 
Search instead for 
Did you mean: 

Secured credit cards

New Member

Secured credit cards

I'm working on rebuilding my credit and recently opened a secured CC at my bank because I know they will report my timely payments.
I read on another forum that getting the CC will actually lower my credit score is that right? Would that be the same for secured CC's or just regular CC's?
I was going to use it only for gas pruchases and pay it in full every month.
I don't plan on making any major purchases for a couple years so I'm hoping the good credit from timely payments would out weigh the initial hit.
Sorry if this is a silly question but I'm just getting started and trying to do all I can to help. I started out 13 months ago with a 533 and now have a 577. I know its still bad but the increase makes me so happy.
Thanks in advance for any advice.
4 REPLIES
Frequent Contributor

Re: Secured credit cards

You might take an initial hit but your score will bounce back and improve with timely payments.  Good luck!
Established Contributor

Re: Secured credit cards

Yes you might take a little bit of a hit, but it will help you in the long run.  Read over the forum below.  It has great detail on CCs and FICO.
 
New Member

Re: Secured credit cards

Niceman,
Thank you very much for the site info. Excellent reading and very informative!! Thanks again.Woman Very Happy
Highlighted
Established Contributor

Re: Secured credit cards



working4more wrote:
Niceman,
Thank you very much for the site info. Excellent reading and very informative!! Thanks again.Woman Very Happy



Not a problem, it is sticky at the top of the Credit Card Forum.  Read over any stickes on the Forums, usually very good information.