Secure credit card?

I have a horrible credit score right now. I am working off paying all debt collectors, as well as trying to improve my credit score. Would it be a good idea to open a secure credit card, so i can show revolving credit. how long would i need to hold on to that credit card as long as i pay it monthly?

Secure credit card?

Do NOT listen to the 2nd poster. First Premier and Tribute are 2 of the worst cards to get. Outrageous fees are charged before you even receive the card! At least with a secured card, you can control the limit and you get the deposit as long as you pay on time every month. The best way to use a secured card is to make small purchases ($20/month max) that can be paid off on time every month, and increase the credit limit by adding to the deposit which will help your score because it creates a cushion between the total debt you owe and the available credit. A couple more things I%26#039;d like to add is that the deposit sometimes is linked to a savings account so it%26#039;s earning interest instead of just sitting there while you%26#039;re building credit. Also, the security deposit can be used later on to start up an emergency fund. It takes on average about a year for the card to upgrade to a regular card and the deposit is given back.

Here%26#039;s a table of some of the secured cards

BankMax. DepositConversion TimeAnnual FeeAPR(%)Min. Deposit

Citi$25,00018months$29.00 17.74$200

Orchard Bank$15,00018months$59.00$200

Wells Fargo$10,00012months$18.005.9/20....

Bank of America$10,000 9months$29.0018.74$300

USBank $5,00012months$35.0023.24$300

I posted several links to some cards that should help

Secure credit card?

as long as you need it.

Secure credit card?

You probably don%26#039;t need a secured card. Have you tried the tribute mastercard? First Premeir Bank? Orchard Bank?

There are many credit card companies out there that will give a card to just about anybody. I don%26#039;t know how bad your score is, but if its REALLY bad try www.rewards660.com, you%26#039;re guaranteed credit with them, its just high fees, BUT it%26#039;s not secured. theres really no difference between the two, other than a deposit that is required to open a secured card.

If you do want a secured card, try bank of america. They have the cheapest secured card out there, with a low annual fee.

And congrats on taking control of your finances, you%26#039;ve made a smart decision that will help you save money down the road.

Secure credit card?

Probably best to have a rest.looks like you can get some ideas here.http://creditcard.expertips.info/no-annu...

Secure credit card?

Paying off the debt collectors will do a lot more for your credit score than getting a secured card ever will.

Secured credit cards = target for scammers.

I had a friend with horrible credit, got a secured card with a $400 limit, but didn%26#039;t read the fine print. She had agreed (in the fine print) to purchase a set of CDs showing you how to improve her credit. Her first statement showed a limit of $400, a purchase for $319.95 for the CDs, a charge to the grocery store for $90, and an overlimit fee of $39.