Chip Lupo, Credit Card Writer
@CLoop
A secured card can begin to build your credit as quickly as one month after you open your account. Building credit is a gradual process, though, and it will likely take 12 to 18 months of responsible use to build a fair-to-good credit score with a secured credit card.
Building Credit With a Secured Card
Using a secured credit card responsibly is the best way to build credit. Secured credit cards are cheaper and easier to get than unsecured cards for bad credit. Plus, secured cards report to the major credit bureaus the same way as unsecured cards.
Technically, you build credit every month with a secured credit card, but pinpointing precisely how fast a secured card can get you to good credit is difficult, as every cardholder’s situation is different. Nevertheless, you can check out WalletHub’s free credit score simulator to see how various scenarios are likely to affect your credit score and gain a better understanding of how fast a secured card could build your credit.
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People also ask
How long does it take to build credit with a secured credit card?
You can start building credit with a secured credit card in as little as one to six months, but it can take many months or even years to build a consistently good or excellent credit score. The length of time also depends on whether you’re building credit from nothing or rebuilding damaged credit.
Providing an accurate estimate of how long it takes to build credit with a secured credit card can be challenging without considering individual...
read full answer by WalletHub, Financial CompanyHow do you build credit with a secured credit card?
To build credit with a secured credit card, apply for a secured card and place a refundable security deposit to open an account, then use the account responsibly by paying the bill on time and in full every month and keeping your credit utilization low. Every month you have the secured credit card, the card issuer will report information about your account to major credit bureaus. And if you use your card responsibly, the information reported to...
read full answer by WalletHub, Financial CompanyHow much will a secured credit card raise my score?
A secured credit card will gradually increase your credit score if you pay the monthly bills on time. You should see a bit of improvement after a few months and solid gains after a year, and you can expect to qualify for an unsecured credit card for fair credit within 12-18 months if you start with bad credit.
How a Secured Card Can Boost Your Credit Score
- How many points your score goes up with a secured card depends partly on...
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