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What credit score is needed for a security deposit of $100 or less on a secured credit card?
I am looking for a secured card. The ideal situation would be a card where my credit limit would be whatever amount of money that I put down as a security deposit. The most important part of this is that it needs to be less than $100 because, I am working for minimum wage and I'm not able to keep anything more than $100 in my pocket at the moment. I could stand to make more money if I had a car but, I'd need to raise my credit score in order to do that much. The only things on my credit report so far are: student loans and hard inquiries, which have some errors. I had 1 student loan that was taken out as three separate loans and they defaulted and were sent to collections. So now, my credit report shows 6 loans instead of 3 or even as 1. So, I just think I need to start off by getting a security deposit under $100.

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Most secured cards start at $300

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From what i've seen, there are no lenders doing a $100 secured card.  Most have a minimum of $300 to $500 deposits to get started.  A $100 limit would only allow you to charge about $30 a month to keep your utilization ratio in line So its hardly worth it to the Credit card company.  They would end up losing money on you, 

I would suggest that you start by trying to clean up your credit report and getting that student loan straightened out. Even a secured card won't help with your credit score if those accounts are shown as in collections.  Start with a Validation letter (google it for more info and a template)  Write one letter for each of the collection accounts and Mail the letters to one of the credit bureaus.   if there was 1 loan then only one of them should be able to collect. The validation letter will require them to verify that they have the legal right to collect and have all the papaerwork that the law requires.  If they haven't got the proper paperwork then the account should automaticly be removed from your report with in 30 days.  Once you have the proper account start dealing with them to get it paid off.  

You hopes of getting your score high enough to buy a car are fruitless if you have any accounts in collections, even a secured card with no missed payments would do enough to raise your score that high.  With any accounts in collections your score will never go above 600.  You will need at least a score of 620 to even qualify for a loan or credit card.

Good luck    

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