- May 15, 2011 at 12:11 pm #214885
I’m new to credit cards. I keep getting sent these crap mass mailings for unsecured ones and apply to them just to deny me. Really a waste of time and annoying. So I’m applying for a secured one with a 200$ security deposit. Two questions…First does a secured build credit any faster or slower than an unsecured card? And is $200 bound to be my credit line? For example, could I only put up to $200 in purchases monthly on it? I’m applying for the Orchard Bank one. Thanks!
- May 17, 2011 at 11:25 am #279418
A credit score is based on a 12 month activity. If you’re employed at least 18/24 months and have $500 in a savings, you should be able to cover it into a secured credit card from a well known bank.Make sure they belong to the credit bureau. Use it for gas and small items and pay the balance the following month. A good credit score is between 660/740 which should take about 18 months to build. Excellent is 750/840 which should take another 6 months.
- May 27, 2011 at 2:24 am #284296
no, they work towards your credit equally. your credit line should be much higher than $200. secured lines usually carry more than unsecured, and unsecured lines could be anywhere between 3-10 thousand, depending on your credit history.
You must be logged in to reply to this topic.