Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [secured-credit-card]

Credit card secured against a deposit.

A secured credit card is a credit card secured against a deposit. The deposit is typically required at be at least the credit limit amount. Secured credit cards are often used to build or rebuild a credit rating.

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Using a secured credit card to build a credit score for a new permanent resident

I am a new permanent resident in the US (originally from the Netherlands) and married to an American citizen. I am not used to the credit score system as they use it in the US, so this is all new to me. Since not having a credit score in the US has…
Ruben
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Myth, or not: If using a secured card to build credit, paying off in part each month has more benefit than paying in full?

Does paying off a secured credit card in full each month not allow me to build a credit history? I'm asking because reading about regular credit cards indicates that paying in full helps build a good score — but I was told at the bank that I should…
Teknophilia
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Are there advantages to getting a "secured" credit card, if you have poor credit?

I've heard about "secured" credit cards - where you basically pre-pay the amount of your "credit card" limit - surely your use of this type of card is evident on your credit report, and the advantage of having made your payments wouldn't carry the…
Nat_Rea
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How should I apply for another credit card after being denied twice already?

I'm trying to get my first credit card solely to build a score, I don't need any loan or anything right now. For doing this, I applied to Chase two months ago (because I've had a debit card from them), and got a denial. After a little searching, I…
user11125
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Will I ever lose money if I always pay the credit card bill on time?

One last thing I am pondering before getting a secured credit card. Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on new purchases, provided you have paid your previous balance in full…
tree drags
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Can merchants tell the difference between a secured or unsecured credit card?

When I'm new in a country, the only credit card I can get might be a secured credit card. I would need a credit card because I want to be able to rent cars. Does it make any difference whatsoever whether this credit card is secured or regular? A…
gerrit
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Keeping your statement balance below ~30% of your credit limit

I read Little Advisor's article How does that thing with the credit cards work, again? According to the article, you should always keep your balance below 30% of your credit limit. However, I just recently got a secured credit card from Capital…
Soviero
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Will a higher security deposit build credit faster with a secured card?

I am helping a new immigrant to the US who has no credit history build credit, so they can get a mortgage for a home. Citibank recommended the Citibank Secured Mastercard, which allows a security deposit of $200-$2500, but that money can't be given…
Village
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Ramifications of closing my Wells Fargo cash secured credit card only 3 months after opening

How do I continue using my Wells Fargo cash secured credit card once they change their ToS and start charging a $15+ monthly account service fee in addition to the $18 secured credit card fee from November 2011? I have no credit history - it's blank…
f1StudentInUS
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Keep secured credit card open?

I am young and want to try to start building credit. The tellers at SunTrust advised that I start with a secured credit card, and eventually I will transfer to an unsecured one. Is the transfer like closing an old account, which is generally not…
Sam
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Most Efficient Spending Habits To Build Credit Given My Circumstances

I had a question regarding building credit. I have no past credit history, and just opened a secured card with a $200 credit to help me build mine (yes, it reports to all 3 bureaus). I currently have no use for credit, but would like to build it in…
Dan Hennion
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Will getting a secured credit card to buy a single expensive item hurt my credit or help it?

I want to buy a single high priced item for myself before the new year and I'd like to know if getting a secured credit card for, say, $1500.00 and then maxing it out to buy this single item will help my credit as I'll pay it off in a few months, or…
guest
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Advise for closing secure credit card

I have a secure credit card with $300 limit in Wells Fargo bank. I was thinking that they will graduate my secure credit card to a regular one after a year. However, it turns out they do that only for permanent US residents not me. I do have another…
user9402
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What's the fastest and most cost effective way to build credit as a newly arrived immigrant with a good income?

What's the fastest and most cost effective way to build credit as a newly arrived immigrant with a good income? Context: I'm emigrating to the US under an L1 visa and will have a good salary in a big company. Don't want to pay high interest when…
marianov
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How long should someone wait to apply for a secured credit card after having been deliquent on a loan payment?

Someone failed to make payments on a college loan for an extensive period (8-10 months). Their credit score has, as a result, dropped to 550-575. They have since paid off their overdue balance and have resumed making regular, on-time payments. Now…
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