Hi, Anyone have any input on the best secured CCs to start out with and how many should be opened at first? I was figuring on 2 but would like your input first. Also....will applying for a SECURED CC ding my credit report with a hard inquiry? Thanks in advance. TheGhostHorse
Here is the deal with secured credit cards, MAKE SURE they state in writing they report to the bureaus. They will use terms such as "You will be building a strong credit history with XYZ Bank". When in fact you merely opened a debit card and they have no intention of reporting your credit history to the 3 bureaus. I would suggest to open 3 trade lines some may be credit cards one may be an auto loan etc. If you are looking to purchase a home or other large ticket item in the future you will need at least 3 trades one with a 3k balance with a 12 month history of good payments. If you are in the process of rebuilding your credit you are not going to get a 3k line of credit with anyone start off but you have to start some where. Starting with a smaller balance line of credit is manageable. If you make your payments on time and do not over extend yourself you will receive increases along the way. If you need some help on credit issuers who do report to the bureaus and work with individuals who are trying to reestablish there credit call or email me and I will be happy to send you the information for free. Good Luck, Jim Baldwin CEO Captiva Financial (800) 446-0087 jim@captivafinancial.com www.captivafinancial.com
