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| *Loan,banking and credit>>>credit line |
IS GIVING THe BANK $2000 TO GET A SECURED LINE OF CREDIT A GOOD IDEA WHAT WILL IT DO FOR NY CREDIT SCORE? |
IS GIVING THe BANK $2000 TO GET A SECURED LINE OF CREDIT A GOOD IDEA WHAT WILL IT DO FOR NY CREDIT SCORE? I secured a card about two years ago and it helped my score and hurt my score. I made the mistake of not putting enough money into my account. I constantly went over my credit limit and got charged over the limit fees of $30 plus late fees of $30 and it hurt me for a while. I put a couple hundred dollars more into my account and never exceeded my line of credit and my score improved, and soon i had real credit offers. It takes time but securing a card or a Bank CD are some of the best ways to get there. If you put $2,000 in your card you will improve your score better than only having a few hundred dollars in there. If you charge that much money you will be charged a high interest rate. So I recommend paying your balance down before your cycle ends to avoid interest charges, then all you will have to pay is a $7-$8 membership fee. If you do decide to get this card never exceed your balance and do not pay late for these companies report you to all 3 bureau's each month. Once you get a card you never want to cancel the card. What you will get is 2000.00 worth of your money for a credit line. I always keep in mind. If it sounds to good to be true ,it is! If you have no other way to obtain a credit card then this is a great way to build or start to rebuild your credit. Find out a couple of things first. What interest rate you are making on the secured savings, what interest rate they charge you for using the card and, most importantly, what their fees total up to. A great reference place for banks that do this type of business is www.bankrate.com. Modified 11 months ago A secured account is a wonderful way to establish or repair credit. If you handle it properly nothing can go wrong but remember that the charge off date on a secured account is lower thank regular accounts and then liquidate it. 2000 is alot. Id do a 1000 secured credit card, you get your money back in 12 months if you do good with it. Bank of American has a cheaper one....only $500. It is a great thing to do, if you have bad credit or need to establish credit! |
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