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Question By
bwbrian

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secured credit card build credit back up
is it a good idea or bad idea to get a secured credit card to pay all my four things in collections

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Top Contributor
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Chances are that you would not qualify

for a credit card if you have anything in collections, not  even a secured one.

Creditors do not lend when someone shows a history of not paying on time.

If you have the money to deposit for a secured card to pay off the collections, then just use that cash to pay off the collections and clear up your report.

Then get a secured card to re-build your credit afterwords.

Good luck

Top Contributor
5038 Contributions
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Hi

It would be a good idea to get a secured card to help rebuild your credit. It would not be a good idea to get a secured card and max it out to pay collections. Keep the two things separate matters. A secured credit card or any credit card for that matter is only good for your credit if you keep your credit utilization very low. I would get a $200 secured card and charge $10 or $20 on it each month and then pay it off when it comes due.

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