Secured credit cards?

[summer2007]

I have no credit history and after reading through the other thread I started I think that getting a secured credit card is probably the best bet for me.

Just wondering if most credit card companies offer them?

I'm also interested in Pentagon credit union if they have that avalible.

Jim

[JustMeUC]

If you are wanting to build credit..... I don't think a secured card is gonna help much as far as building credit goes. I would rather take a low limit on a regular CC and ask for periodic credit line increases. It won't take long to build up new credit, we have Mexican's here working for us that come here with no credit and within a couple of years have credit lines upwards of $10,000 on unsecured cards so it can be done. Just make sure to ALWAYS pay your bills on time!

[ChemEng]

I agree with JustMeUC. Secured credit cards arent a credit account, in spite of it using a similar looking card. I would recommend getting a card from whatever store you already shop at. On average youll get approved for $300-$500 dollars. From there wait about 9-12 months and apply for a major card. If you pay everything on time, it should be no problem.

[lets-retire]

As usual I am the contrarian. A secured card goes on you credit report as a credit card, but it is listed as secured. From the mouth of a mortgage underwriter, it is looked at the same as a car loan or any other secured line of credit. Either way if you use it, you must make the payments or pay in full each month. Whether it is backed by your word or your money, if you fail to make the minimum payments required it will hurt. If you make the payments required it will help, the same as any other secured loan.