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Question By
gettys33

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my credit score is under 600how can I raise it up

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Secured Cards

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A secured card is one that you open with a bank such as Wells Fargo. You actually give them the money that will be your "credit Limit". For example if you want a card with a $300 limit, you give the institution the $300 up front. Once you get the card, it works like any other card. I was in your position a few years ago and now I have a 735 score. The trick is to make small purchases on the card and pay off the balance in full every month. This will not help as much in the short term as far as your score goes, because banks like to see that they are making money off of you, and if you pay your balance in full every month, they aren't making a dime. However by paying the balance in full, you are showing creditors that you can live within your means. In the long term this will help you get approved much easier for auto loans or mortages. At some point down the road, when your score is high enough, the bank will refund your initial deposit on the secured card and they will start to raise your limit. I started down this road three or four years ago after trashing my credit straight out of high school. I started with a secured card from wells fargo, and today that card has a $1600 limit and it was converted to an unsecured card within the first year. Keep your chin up and look at the long term goals. Rebuilding your credit is not an easy road to go down, but if you keep your eye on the prize you can get there fairly quickly. Oh, and don't stick with a major bank for long... just because it was right for me does not make it right for you... The APR on that card of mine from WF is something rediculous like 19%... I have maintained a zero balance on it for a long time... the credit card I actually use is from a credit union and it has a 7% intrest rate... CREDIT UNIONS WILL GET YOU THERE THE FASTEST...I can't stress that enough. Go to one first, then if you cant get anything out of them, as a last option available, go to a capital one card or wells fargo or chase or whatever.

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Helpful to 2 out of 2 people

do you have a secured credit card? if not look into opening one to help build your credit. 

Reply by
mrjones03

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1 Person Helped

how do you need to have a secured card?

Reply by
mrjones03

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Helpful to 1 out of 1 people

How long do you need to have a secrued credit card b4 you score starts to go up?

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