7 votes

Keep secured credit card open?

It's quite possible that they may do just that: convert your account from unsecured to secured. If they close the old account and send you a new card, don't sweat it. You'll have a credit history. ...
RonJohn's user avatar
  • 50.7k
6 votes
Accepted

I don't understand secured credit cards

D Stanley's answer addresses the mechanics of secured cards well and does a good job of directly answering your question. I wanted to post a separate answer to provide a bit of a frame-challenge to ...
dwizum's user avatar
  • 17k
5 votes

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

Are there any differences between reports of secured and unsecured credit cards and their effect on my credit history/score? No. The secured/unsecured status of your card is not reported to the ...
ceejayoz's user avatar
  • 2,564
5 votes

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

Yes, you have correctly described "revolving credit" (though in this case you have funded the account yourself)
keshlam's user avatar
  • 46.5k
4 votes

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

You are losing something - interest on your deposit. That money you are giving to the bank is not earning interest so you are losing money considering inflation is eating into it.
JStorage's user avatar
  • 261
4 votes

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

While using almost your whole limit each month will lower your credit rating. This has no "persistence". So if you make sure not to use the card for the month or so before applying for other credit ...
Vality's user avatar
  • 1,886
3 votes

I don't understand secured credit cards

my assumptions are: - you are borrowing your own money You are not borrowing your own money. The bank is still lending you the money. But if you default, meaning you don't pay back what you're ...
D Stanley's user avatar
  • 135k
3 votes

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

I need to be in the US for 10 days to ask for a SSN You'll get it faster if you wait a bit because of the delay in updates between CBP/USCIS/SSA, but technically you can apply for it on the day you ...
littleadv's user avatar
  • 174k
3 votes

Credit card money transfer

You cannot transfer money to a credit card account. You can transfer balances, or pay off the card with money from a bank account. Even if you could transfer money to a credit card, there's no way to ...
Michael's user avatar
  • 10.2k
3 votes

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

No, you shouldn't. Due to too many data leaks, even sending a part of the credit card number is not safe. Due to USA poor electronics subscription regulation, one who wants to cancel the Scribd ...
mootmoot's user avatar
  • 4,183
3 votes

Are prepaid credit cards a form of secured loan?

No, prepaid credit cards are technically an unsecured loan. But you are the one who is making the loan, not borrowing the money. You are lending your money to the card company, who repay it over time ...
Mike Scott's user avatar
  • 23.5k
3 votes
Accepted

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

Getting, and using, a credit card will have many impacts on your credit score. It can be helpful to understand how all of them work, even though you're (indirectly) only really asking about one of ...
dwizum's user avatar
  • 17k
3 votes

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

With a secured credit card you send the card issuer a check for some amount of money, say $1,000. This $1,000 is your spending limit. You then spend on the card as though it's a regular credit card. ...
quid's user avatar
  • 49k
2 votes

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

Search the website for the closing date, if you can't find the date call or email them. Generally you can expect that the first closing date will be about a month after the account was opened, but ...
mhoran_psprep's user avatar
2 votes

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

A bank or credit card agency can deny your application for pretty much any reason. That said, it's extremely unlikely they'd do so for a secured credit card. This is because the credit is secured. If ...
ChrisInEdmonton's user avatar
2 votes
Accepted

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

The sooner one starts to rebuild, the faster it will go. So once everything is caught up, they should immediately start working on the rebuild. The Discover card is a great one to begin with.
Norm's user avatar
  • 1,184
2 votes

Keep secured credit card open?

Don't overthink it. A few points to consider Credit Scores are made by banks for the bank's advantage not for yours. They intentionally shroud the process in mystery so it feels more important and ...
Hilmar's user avatar
  • 7,860
2 votes

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

In Poland such things are called "soup made on nail". A deception that make you believe the other side have all the ingredients and you just need to provide small detail. While in fact they have none ...
SZCZERZO KŁY's user avatar
2 votes

Can a secured loan help me build credit?

Some credit info: Utilization doesn't help you in building credit. Your credit score is a snapshot at the time it's pulled. You need utilization to be low when the credit is pulled, before and ...
xyious's user avatar
  • 2,778
1 vote

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

Being an authorized user on someone else's card imputes their credit score (as calculated just from that card), and it stays with you, just like any other card. So, go with Option #3 while you're ...
RonJohn's user avatar
  • 50.7k
1 vote

Credit Rebuilding Strategy

What has seen my credit go past 800 is the following: Settle all charge offs, you can typically do this for less than the amount owed. Around 25% of balance seems to be acceptable to most but you ...
Pete B.'s user avatar
  • 76.5k
1 vote

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

You will have to talk to the credit card companies regarding why they denied you, especially Discover for the secured card. The things that jump out are the lack of income: "I got a job a month ...
mhoran_psprep's user avatar
1 vote

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

Don't panic. Credit card companies get very basic information about your credit and flood you with advertisements because studies show that people tend to get attached to their "first" card ...
D Stanley's user avatar
  • 135k
1 vote

Can a secured loan help me build credit?

Never pay interest just to improve your credit score. Building credit takes time. Pay your bills on time, don't overuse what credit you do have, and you'll be fine. Paying interest to get a good ...
D Stanley's user avatar
  • 135k
1 vote

Are prepaid credit cards a form of secured loan?

I believe I can answer this question, Prepaid cards, unlike secured credit cards, aren't reported to the FOUR major credit reporting agencies in India, so using one won't affect your credit score. ...
Ankur Dhariwal's user avatar
1 vote

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

If $1,000 is enough for monthly expenses, but they are using almost all of that each month, the debt to credit ratio will be too high and negatively impact the credit score. I would recommend shooting ...
hot pineapple juice's user avatar
1 vote

Are Secured Credit Cards offered in Hong Kong?

Credit Card is not a necessity in HK. You can survive with 100% cash. Credit Cards are easily approved, provided that you have 3 month of local employment history and applied for the suitable card. ...
base64's user avatar
  • 10.4k
1 vote

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

Secured credit cards are secured by a cash deposit held in a collateral account. Once your secured credit card application is approved, you're required to make a security deposit before you can begin ...
Nikita Pancholi's user avatar
1 vote

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

Your payments into your credit card account will usually not affect the statement cycle. So any payments made using the card until the end of the statement period will count towards that statement, ...
jcaron's user avatar
  • 3,952
1 vote

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

Although now there are "welcome" banking packages when I landed in 2008 I couldn't find any and Vancity gave me a secured visa nonetheless. Let me emphasize: I didn't have a credit history, score at ...
chx's user avatar
  • 656

Only top scored, non community-wiki answers of a minimum length are eligible