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Question By
ldpollock

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getting asecured credit card
I have a score of 583 and tried getting a secured credit card to hepl. I was instantly denied! I thought thesewere for people with bad credit? Where can I look to get asecured card or what else can I do to inprove my score? I have no other credit cards in my name

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Unsecured credit cards

What are the difference between secured credit and unsecured credit? Secured credit DO NOT require down payments nor collateral. Unsecured credit does. I think applying  for an unsecured credit card would be a better choice for you. If you keep applying for secured credit cards and get denied you will be hurting your credit score. You will get a hard inquiry every time you get denied. Thing is unsecured credit cards require a down payment. The down payment can range from $300-$500 dollars. If you're not a member with a local credit union I would strongly suggest you join one. In my experience, CU are the best at helping to rebuild credit. If you decide to go with a bank, I would strongly suggest Bank of America because you can graduate from an unsecured credit card to a secured credit card in a year or so. Pending you make your payments on time and keep all your other debt current with no late payments. Also, if you get a unsecured credit card for example for $300 (as your max limit) you should only allow $100 of usage. Meaning your new max is $100.  You do not want high limits on your credit cards to be reported to the credit bureaus. This will hurt your credit to debt ratio/utilization score. People have different opinions about paying balances completely off every month. Some believe that if you leave a small balance on your credit cards the banks will make money by charging  you interest and eventually raise your credit limits. I disagree with that! I pay all my credit card balances off each month and get credit limit increases everything I ask. My fico scores are in the high 700's and I have 14 credit cards. I hope this helps!

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Being sneaky

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If you have a family member that has good credit and you're in their good graces.... see if they will add you onto one of their credit cards that has a good credit line and low balance. That should help your credit history. 

Also, instead of using a big credit card company, go down to a local credit union and see what they will do for you. You might be surprised. 

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Reply by
brandnew554

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add you on as an authorized user.... sorry should have been more specific.

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