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Added August 11, 2010 from: Mike Killian
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Answered By Mike Killian: Because credit is so difficult these days, a secured
credit card may be your best bet until you are able to build up your score. As
it turns out, a secured card is a fast way to rebuild credit because
on-time payment history accounts for 33 percent of your overall score, and
secured cards report on-time payments. Secured
debt also ranks highest in the hierarchy of debt.
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Go to a local major bank and ask if they have a secured credit card program. If so, they will require a minimum balance in savings to secure the card. You should be able to open a secured credit card account with a limit equal to your savings balance. Your payment history for the account will be reported to the credit bureaus on a regular basis--probably monthly.
However, be sure to always be on time with your payment. The fastest way to see your credit score decrease is with a late payment. It's like pouring a bucket of ice water on an otherwise good credit score.
This question is about:
Credit Scores / Reports
| Secured Credit Cards
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