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New Member
working4more
Posts: 4
Registered: ‎12-03-2007
0

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.
Frequent Contributor
kball64
Posts: 280
Registered: ‎02-05-2008
0

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
nicemann
Posts: 583
Registered: ‎03-12-2008
0

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.
 
As of 04/23/2011 - 731 for EQ FICO
As of 03/02/2012 - 779 for TU FICO
As of 12/2010 - 720 - 729 For EX (Chase FICO Score Provided by EX)
New Member
working4more
Posts: 4
Registered: ‎12-03-2007
0

Re: Secured credit cards

Niceman,
Thank you very much for the site info. Excellent reading and very informative!! Thanks again.:womanvery-happy:
Established Contributor
nicemann
Posts: 583
Registered: ‎03-12-2008
0

Re: Secured credit cards



working4more wrote:
Niceman,
Thank you very much for the site info. Excellent reading and very informative!! Thanks again.:womanvery-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.
As of 04/23/2011 - 731 for EQ FICO
As of 03/02/2012 - 779 for TU FICO
As of 12/2010 - 720 - 729 For EX (Chase FICO Score Provided by EX)

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