Questions tagged [secured-credit-card]

Credit card secured against a deposit.

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13 votes
3 answers
2k views

Using a secured credit card to build a credit score for a new permanent resident

I am a new permanent resident in the US (originally from the Netherlands) and married to an American citizen. I am not used to the credit score system as they use it in the US, so this is all new to ...
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12 votes
1 answer
777 views

Myth, or not: If using a secured card to build credit, paying off in part each month has more benefit than paying in full?

Does paying off a secured credit card in full each month not allow me to build a credit history? I'm asking because reading about regular credit cards indicates that paying in full helps build a good ...
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9 votes
2 answers
3k views

How should I apply for another credit card after being denied twice already?

I'm trying to get my first credit card solely to build a score, I don't need any loan or anything right now. For doing this, I applied to Chase two months ago (because I've had a debit card from them)...
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9 votes
4 answers
529 views

Are there advantages to getting a "secured" credit card, if you have poor credit?

I've heard about "secured" credit cards - where you basically pre-pay the amount of your "credit card" limit - surely your use of this type of card is evident on your credit report, and the advantage ...
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6 votes
2 answers
1k views

Will I ever lose money if I always pay the credit card bill on time?

One last thing I am pondering before getting a secured credit card. Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on new purchases, ...
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5 votes
3 answers
1k views

Will a higher security deposit build credit faster with a secured card?

I am helping a new immigrant to the US who has no credit history build credit, so they can get a mortgage for a home. Citibank recommended the Citibank Secured Mastercard, which allows a security ...
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5 votes
2 answers
19k views

Can merchants tell the difference between a secured or unsecured credit card?

When I'm new in a country, the only credit card I can get might be a secured credit card. I would need a credit card because I want to be able to rent cars. Does it make any difference whatsoever ...
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  • 2,694
5 votes
1 answer
840 views

Keeping your statement balance below ~30% of your credit limit

I read Little Advisor's article How does that thing with the credit cards work, again? According to the article, you should always keep your balance below 30% of your credit limit. However, I just ...
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  • 1,372
5 votes
2 answers
4k views

Ramifications of closing my Wells Fargo cash secured credit card only 3 months after opening

How do I continue using my Wells Fargo cash secured credit card once they change their ToS and start charging a $15+ monthly account service fee in addition to the $18 secured credit card fee from ...
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4 votes
3 answers
505 views

Keep secured credit card open?

I am young and want to try to start building credit. The tellers at SunTrust advised that I start with a secured credit card, and eventually I will transfer to an unsecured one. Is the transfer like ...
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  • 311
3 votes
4 answers
324 views

Will getting a secured credit card to buy a single expensive item hurt my credit or help it?

I want to buy a single high priced item for myself before the new year and I'd like to know if getting a secured credit card for, say, $1500.00 and then maxing it out to buy this single item will help ...
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  • 31
3 votes
1 answer
236 views

Advise for closing secure credit card

I have a secure credit card with $300 limit in Wells Fargo bank. I was thinking that they will graduate my secure credit card to a regular one after a year. However, it turns out they do that only for ...
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3 votes
0 answers
141 views

Most Efficient Spending Habits To Build Credit Given My Circumstances [duplicate]

I had a question regarding building credit. I have no past credit history, and just opened a secured card with a $200 credit to help me build mine (yes, it reports to all 3 bureaus). I currently have ...
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2 votes
2 answers
122 views

What's the fastest and most cost effective way to build credit as a newly arrived immigrant with a good income?

What's the fastest and most cost effective way to build credit as a newly arrived immigrant with a good income? Context: I'm emigrating to the US under an L1 visa and will have a good salary in a big ...
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  • 121
2 votes
2 answers
89 views

What options exist for moving from a secured credit card to an unsecured one?

I am pushing my younger brother though college. He's 18 and he's my dependent. I want him to get all straight "A"s so, he will not work until graduates from college. Meanwhile, I want to start his ...
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  • 1,109
2 votes
1 answer
636 views

Better ask for secured credit card rightaway or risk asking for an unsecured credit card first, the secured credit card later if it does'nt work out?

I had applied to DCU for a share-secured credit card, over the phone, but today I came to know they lost my application! The application number they gave me does not turn up anything and when they ...
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2 votes
2 answers
220 views

Are prepaid credit cards a form of secured loan?

I was reading about different factors that determines credit score. One of them is having a "good credit mix" (IE having a healthy mix of secured (such as home loan, auto loan) and unsecured loans (...
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  • 121
2 votes
1 answer
189 views

How long should someone wait to apply for a secured credit card after having been deliquent on a loan payment?

Someone failed to make payments on a college loan for an extensive period (8-10 months). Their credit score has, as a result, dropped to 550-575. They have since paid off their overdue balance and ...
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  • 175
2 votes
2 answers
162 views

Credit Rebuilding Strategy

My credit score isn't terrible - 715ish and my total utilization across 2 cards (one is my own card, and I'm an authorized user with a balance transfer on one of my gf's cards for the other) is around ...
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  • 123
1 vote
2 answers
3k views

Is it safe to give credit card first 6 numbers+ last 4 over email? [duplicate]

A company that I had previously had a subscription with and cancelled continues to charge me, so I contact their support team and they say that their system shows me to be cancelled. They have asked ...
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1 vote
6 answers
3k views

What is the best credit card for someone with no credit history

A little background, I've never had a credit card and I'm seriously due for a credit check as I've never had one. I've applied to numerous credit cards and I've been declined every time. I hold a ...
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1 vote
2 answers
381 views

In Canada, how bad must your credit be for a denial of a Secured Credit Card?

My sister who lives in Canada: had 2 separate bankruptcies in the past, all of which have been discharged for 2 years as of February 2016. currently has no debts or (Secured) Credit Cards. but ...
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1 vote
1 answer
265 views

How large is the market for Secured Credit Cards?

I've been looking around but I can't find a hard statistic on how large the secured credit card industry is. I just keep either finding advertisements or advice on them when I search. In fact I can't ...
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  • 471
1 vote
2 answers
192 views

How long after being denied for a credit card should I wait to apply again?

I live in the US since November 2019 and have been an authorized user on my partner's credit card since then, which resulted in a credit score of 787. I opened my own bank account in October 2020 with ...
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  • 11
1 vote
1 answer
472 views

Are Secured Credit Cards offered in Hong Kong?

My relative will be moving from Canada (that does have Secured Credit Cards) to Hong Kong, but has no credit in Hong Kong and hopes to start building her credit. Thanks. Canada and the US have them....
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0 votes
2 answers
352 views

I don't understand secured credit cards

I was trying to explain to people in Europe the obsession with the credit score in North America and the topic of secured cards came up. I know the concept, but unless the goal is to abuse people in ...
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  • 223
0 votes
1 answer
81 views

Do secured and unsecured credit cards have a different effect on credit history/score?

I have a regular credit card from Bank of America, and I want to apply for another secured credit cards from capitol one and citi or US bank. What I want to know is: 1- Are there any differences ...
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0 votes
2 answers
143 views

Can a secured loan help me build credit?

I'm moving to the US from the UK in January. I have just opened a bank account and have applied for a Capital One secured credit card to help start building credit. Would also taking out a secured ...
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  • 101
0 votes
1 answer
84 views

Credit card money transfer

I have a job offer where I would be purchasing items with the company's money with them transferring money to my credit card account without the card number, is that possible some how? Dino
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0 votes
2 answers
2k views

If I paid my credit card but it didnt post to my bank, will future payments go on this bill or my next bill?

I got a secured credit card like 2 weeks ago. I didn't know how the billing cycle worked so I paid the 20 dollar balance yesterday. The payment is still pending and hasn't shown up on my bank account ...
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  • 1
0 votes
1 answer
149 views

Which is better to build credit score? Becoming an authorized user of another credit card or get a personal secured credit card?

I am new to the US with a F-2(student dependent) visa, I want to have credit history and build credit score in the US. I think I have three options but don't know which is better to do or maybe better ...
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0 votes
0 answers
39 views

is it easier to rent a car with a secured credit card over a debit card?

I've been denied car rentals using debit cards in the past, even with thousands of dollars on the card. I'm going to Hawaii as well as Tennessee this year, and will need a car. Would my odds increase ...
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