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Quickest Secured Credit Card

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Dj4Money
Established Contributor

Re: Quickest Secured Credit Card


@Anonymous wrote:

@Dj4Money wrote:

@Anonymous wrote:

The secured cards take FOREVER to arrive.  Mine's took close to a month before arriving (Cap1, USBank, BofA)


 I will find out more tomorrow. Like I said I just didn't want to go out and spend cash like I have been doing for BF and not improving my credit in the process. I should have done this years ago.


Actually its the worst idea I can think of. This kind of thinking is what gets people into unmanageable debt situations in the first place. Use cash for anything and everything that is 'ordinary' purchase, or for gifts (or alternatively, use CC and pay off immediately). But the revolving credit lines should be looked at in terms of "emergency funds". Its what pays the $1000 repair bill when you car breaks. Its what replaces your refrigerator when it dies unexpectedly. Its what pays the plumber when a pipe bursts in your home. Its NOT what pays for Christmas gifts.


  Why is it the worst idea? It was cash I was already going to spend on Black Friday. Instead I can open some secure cards, get what I want and pay the balance off when my statement post. 

 

 After that, I will use them for various things I already pay cash for.

 

 I disagree, cash in a saving account should be used as an emergency fund. Start with a $1,000 and then once your debts are paid, start building a fund to cover your expenses for up to six months.

 

 How many things cost more than $1,000? I don't have a car currently but I don't buy automatics either, I can replace the entire drive-train of a car for less than $1,000 if something catastrophic happen.

 

  I live at home by the way, the kitchen is brand new ($30,000 worth).

 

 

 

 

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