I have horrible credit due to having no credit at all, which makes no sense to me, but it is what it is I guess. I am looking into building my credit and have come across some tips that include getting a secured credit card. The ones I have looked at all require some sort of deposit, which makes me a little weary. Does anyone else have experience with secured credit cards? Do they help build your credit? Are the deposits worth it? Is there any cards in particular that you would recommend for someone who has no credit history at all? Thank you in advance.
I have used these to rebuild credit and there is good and bad. The bad is that some cards have microscopic credit lines (like $300) and outrageous interest rates. Credit.com has a listing of cards for every credit situation. The good is that some companies will match or reimburse the deposit in a short time. Whatever you choose, the trick is to pay off as much of the balance as possible. Making minimum payments only will only trap you.
I have noticed that the interest rates on these cards are way higher than a regular credit card. I appreciate your tip on paying off as much of the balance as you can instead of just the minimum. I have always wondered which was better and now thanks to your tip I can avoid getting trapped in debt from the cards. Thank you so much for your insightful input and suggestions. I am going to have to do a bit more research it seems in order to get the best card for my situation.
