Quote:
Originally Posted by Major_Nuggz secured loan is better than the secured credit card..take a 1000 to the bank and tell them you want a secured loan..after its paid off you still got your grand sitting there,,your borrowing from yourself..And establishing credit as well..
this way theres no credit card company digging a hole in your wallet |
Most (and the one i recomended ) charge a annual fee 39.00 usd and secured rate 16.40 but report this card as unsecured on your credit.
so when i placed a 7500.00 usd secured card on my credit it showed i had 7500.00 UNSECURED card. this clearly skyrockets your score. 7 months after starting that card i raised it to 15k.
So i earn interest, have raised my score to over 740 this high score makes things cost, the lower the cost the more i can buy.
Now in my state they also pull your credit for your car and house insurance.
you need credit, you need Good credit to be a player in these markets