Q: I am newly single with poor credit and on a limited income. What would be the best credit card to start off with?
Similarly, you can go to any local major bank and they, too, will probably offer a secured credit card program. Regardless of the source--CardRatings.com or a local bank--you will be required to open a savings account with the financial institution issuing the card. The required deposit is usually $250 or more, and this balance will determine your maximum credit limit.
Over a third of your credit score is based upon on-time payment history, and payments made on a secured debt are usually reported monthly to the major credit bureaus. However, all issuers do not report, so be sure to verify that they will report account information to all three bureaus. At the same time be aware that a late payment is the fastest way to thwart your efforts. So always insure your payments are on-time.
A couple things you might check into when selecting a secured credit card are annual fees and interest rates. You can check CardRatings.com to see a comparison of the norms. Also, do find out if your savings will earn interest for you while securing your card, and whether or not an unsecured credit card will be automatically issued after a designated period of time. Again, be sure any secured card program you choose reports to all three credit bureaus monthly.
- I am looking to establish good credit so I can buy a home for my family. What kind of credit card should I start out with?
- I'm a 22-year-old female who makes about $1,000 a month. I have a credit union credit card with credit line of $500. I recently applied for a Lowe's credit card and was denied. I'm always on time with my credit card payments. What would be the reason?
- Can I include my spouse's income on a credit card application?
- Are Discover Card credit cards any good?
- Which bank offers the best debit card?
- Is a credit score of 725 considered good?
- Why do you rate American Express credit requirements as "good credit" to secure a card? I thought to qualify for an American Express card you have to have excellent credit.
- Supposing you have a perfect credit score of 800 or better; which credit card offers the highest credit limits?