I used consumercredit.com to get my 3n1 report, it gave me the advice that I need to use a cc more to help my score. I do not have any CC right now but I can get a secured cc. Is this the same as a no secured cc and what is the best way to get one?? Local bank, apply (which cc is the best to do this) also what about getting a secured bank loan would this help raise my score??? Thanks
Certainly getting a credit card will help. If you can only get secured, by all means get a secured card. Ideally you want a card with no annual fee and a grace period on purchases (so if you pay the balance each month you won't pay any interest). If you get a card that matches both of these criteria, then it's no different than paying cash, except it will help your credit score and you get to keep your money in your own bank account (presumably earning interest) longer. If you find a card that meets these criteria, the only downside is they have some of your money tied up as security. They generally will pay interest (though not a good rate). I don't have any suggestions on secured cards that have no annual fee.
I don't think you'll find a secured card with no annual fee. You will have a hard time finding one with a grace period. But if you get one with on-line access, you can pay several times a month and keep interest to a minimum. Try to find one that reports as unsecured. I don't really know which ones they are, but I'm sure some of the folks here know that.
