Does a secured credit card help your credit score?

Posted in Debt by debt kid on the March 6th, 2008

If the card reports to CRA (credit reporting agencies: Equifax, Experian, TransUnion), then yes. The secured card will over time begin to help your credit score like any other trade line.

Often secured cards are a good first step to rebuilding your credit. If you are unable to qualify for a normal unsecured credit card, then a secured card is often your best bet.

Improving your credit score takes time, and patience. If you want someone to raise your score quickly, for a fee, I’d check out Lexington Law. They can (legally) delete derogatory marks on your credit.

As always know where you stand before applying. Check your 3 credit scores at a legit outfit like MyFico.

I'm 300K in debt. Gulp. I'm 24 and day traded away a fortune. Now I'm trying to crawl back to zero. Why not subscribe to my RSS feed and join me on this journey. You can also subscribe via e-mail. I appreciate tips and feedback! ~ DebtKid

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