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.