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I've got a quick question about secured credit cards. Right now, I've got no credit history. I'm a student with no debts and low monthly income, so from what I understand, I'm basically a ghost and there's no chance in hell that I'll get approved for a decent credit card (no annual fee, 0% APR early on, rewards). I want to start building my credit, but I'm not sure if secured credit is the way to go. Here is what makes me hesitate: Annual fees, even if they are low. Most I looked at were in the $30-40 range. A lot of secured cards don't seem to report to the big 3 bureaus, or at least they don't indicate whether they do or not. It also sounds like you'll never get the initial deposit back unless you close the account, which then wipes out that line of credit history, correct? I mean it's not like having $200 permanently tied up is the end of the world, but if there are better alternatives, I'd rather look at them. So are there better ways to start establishing credit so that I can actually get approved for a decent card? I don't want to shoot out a bunch of applications that are going to ding my credit score with hard inquiries if there's zero chance of approval.
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Jan 31, 2015 18:29
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| # ¿ May 15, 2024 02:21 |
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