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SECURED CREDIT CARD HELP!

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Anonymous
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SECURED CREDIT CARD HELP!

Hi! I am new and young to this whole credit report and scoring board. I want to buy a house in a couple years and need to improve my credit score. I have at least $9000 in medical bills and 12000 in student loans, all in collection. I just started paying on my student loan again and was told in 9 months it will come out of collections and hopefully improve my credit score a little. A credit advisor said not to worry about the medical bills that the only thing causing issues on my report is my student loan so i'm working on it. BUt he did mention getting a secured credit card to improve my credit. he said it will improve quickly if i just use a small amount a month and then pay back before due date. I was wanting some guidance and info on secured credit cards, banks that will help me and stories on how you improved your score. thanks

Message 1 of 12
11 REPLIES 11
Anonymous
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Re: SECURED CREDIT CARD HELP!


@Anonymous wrote:

Hi! I am new and young to this whole credit report and scoring board. I want to buy a house in a couple years and need to improve my credit score. I have at least $9000 in medical bills and 12000 in student loans, all in collection. I just started paying on my student loan again and was told in 9 months it will come out of collections and hopefully improve my credit score a little. A credit advisor said not to worry about the medical bills that the only thing causing issues on my report is my student loan so i'm working on it. BUt he did mention getting a secured credit card to improve my credit. he said it will improve quickly if i just use a small amount a month and then pay back before due date. I was wanting some guidance and info on secured credit cards, banks that will help me and stories on how you improved your score. thanks


Welcome to the forums! Smiley Happy

 

If you're still in collections that'll limit your options, even for secured cards. Not sure why it would be said that medical bills in collections aren't holding your scores down... They are. Do you know your FICO scores? Who do you bank with? Have you burned any banks in the past? That'll help the community offer recommendations.

Message 2 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

Secured CC's are really good ...you can't go wrong with one if rebuilding ....my NFCU was secured... now 25k;

Message 3 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

I dont really use banks so i haven't had any banks in the past. I am working on paying off my medical bills. I wasn't meaning that my medical collections aren't bad, I meant when applying for a home loan, they dont really look at medical bills. iTS MY STUDENT LOANS BEING IN COLLECTIONS THATS HAVING A MAJOR IMPACT. tHEY SAID TO WORRY about that first and to get a secured credit card

EQ 440

TU 508

EX 504

Message 4 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

I've been wrong before, but I think when applying for a home loan they will absolutely look at your medical bills in collections as a bad thing. And yes go get a secured credit card. If used right it will help. I'd suggest capital one or discover.
Message 5 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

I think OP may be referring to the new law where Medical will have low impact on your score ....and can't be used against you in home buying?? Anyone with more info please chime in .



Message 6 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

well I went through fairway mortgage and thats what he told me, so i don't know but capital one and discover denied me so looking at other options

Message 7 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

I would try PenFed credit union.
They have a secured card that you could easily get.
They are easy to join with a $25 donation.
They are also the second biggest credit union in the world next to Navy Federal, which would also be another great option if you can become a member.
Message 8 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

  • opensky secured visa credit card ( CAP1)
  • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
  • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
    • Build credit quickly. OpenSky reports to all 3 major credit bureaus.
    • 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
Message 9 of 12
Anonymous
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Re: SECURED CREDIT CARD HELP!

what does PenFed or Navy Federal do exactly?

Message 10 of 12
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