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Comparing Secured Credit Cards for People with Bad Credit can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered....show moreshow less
I truly don't understand paying off your balance even if it has gone to collections and paying it on time every month why your credit score goes down I have not closed any accounts there is a improper address on my wallethub 2019 Gold Mine Drive is not correct I've been here 14 years I thought paying your bills on time or paying them to zero balance help your credit score apparently the system is rigged to screw you over
And the people they put on the phone talk so fast and then such a foreign accent you cannot understand them the creditguard company I had hang the minimum each month never paid on time and never paid each credit card that was listed in my account and they still kept withdrawing money out of my bank it was a correct amount but they did not do their job correctly so that's why I'm doing it myself apparently the system is all rigged to screw the consumer
Mine went up after 6 months from 430 to 580 with capital one. Then I got a unsecured limit of 500 card. Use them responsibly, pay it every month, like I use to for gym membership and pay it right back. It is now 620.
Heres the thing about secured cards...I have 2 of them and did have a 3rd that eventually became unsecured after 2 solid years of paying on time. When you apply for a secured card, a deposit of $200 is usually required. You will get a hard credit inquiry on your credit report which will lower it at first. If you consistently pay AT LEAST the minimum payment (which isnt hard because its always $25 no matter how high your balance is), your credit score will go up quickly. BUT...if you miss even just one payment or if your credit use % is above 20%, your score will drop ALOT. I mean like a few months ago, I lost one of my jobs and wasnt able to pay one of my credit cards on time. My score dropped by over 30 points that month! A BIG CHANGE! But as soon as you begin paying on time again, it will go up 30 or more points. Secured cards take on time payments and low balances very seriously. More than unsecured cards. Mostly because people with bad credit are trying to rebuild their credit and the only way to do that is to make it difficult for them and make them prove they have changed their financial ways. Hope this helps
@marcusd_46: You advised people to have a credit rating of at least 660? For a "SECURED" card?! I obtained four SECURED cards with a credit score of 503 and I was able to get a Bank of America SECURED Mastercard, a USAA secured Mastercard and two credit union cards, as well as three secured loans from credit unions. If you consider 660 borderline poor credit, then there's nothing I could say or do to convert your way of thinking.
@marcusd_46: I would advise you to “re-read” his request! He wanted an UNSECURED CARD! The criteria is different and the information I gave is sound advice for a potential applicant! I have a company to assist consumers with financial and credit literacy.
Don't push it, before you know it you'll be in trouble again.
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