3 Thoughts on How much of an impact does using secured credit cards have on improving my credit score?
  1. Reply
    ML
    June 25, 2011 at 3:34 am

    Secured credit cards are the card of last resort for most people. Timelt payments will help over time however after a year get rid of it if you can get an unsecured card.

  2. Reply
    maddog
    June 25, 2011 at 3:58 am

    They’re a good way to begin to rebuild a bad credit record. In exchange for the money you put on deposit with the card issuing bank, you get to use their card, just like any other unsecured card. The only exception is that your credit limit is equal to the amount of money you have on deposit. You make monthly payments to the bank like a regular card on any balance you owe. Most banks issuing secured cards will allow you to increase your credit limit by adding to the balance they hold for you. Usually after a year of use, the bank will give you a modest unsecured increase in your limit. The longer you keep on track, the more they loosen up on your credit line. You learn spending discipline and you get usable credit.

  3. Reply
    MANDEE
    June 25, 2011 at 4:57 am

    that doesnt make a difference at all. That is not something that the agency considers when factoring your credit score.

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