Digging Yourself Out of Debt ! A Secured Credit Card Help Raising Your Credit Score ?!!!

If I'm digging myself out of debt now will a Secured Credit Card help me raise my credit score when I'm ready?

What are some good companies to get a secured credit card from? I am currently paying off hospital bills and never had a credit score in my life. I'm 36yo and would like to know what it's like to have credit for once.

I know credit cards are bad. I'm mature enough to handle knowing I only want one to help me raise my credit score in case I want a house or need a small loan in the future for a car, etc. Thanks for any help.

The Answer : To take it another step, secured credit cards are a PERFECT way to rebuild your credit, especially if you're able to come into a significant sum of money because the major difference between regular and secured cards is that you have to put a deposit that's used as collateral to establish a credit line in the same amount.

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You can also control the credit line by increasing it when you add to the deposit. This is especially useful if you're wanting to build your credit and save up for big ticket purchases like a house or a car because you can build or rebuild your credit by using a a secured credit to "custom build" a high limit credit card that would look good when it reports on your credit.

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High limit cards provide a considerable cushion between what you owe versus, what you're capable of borrowing, which makes up 30% of your score. Also, you would have a means of saving up for the down payment since most secured cards are usually linked to a savings account or a time deposit (CD).

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Most times when you save up your money, especially for a house and/or a car, it just sits there, but with a secured card, you not only find yourself saving up more money by adding to the deposit to boost the credit line, but you're building precious credit history in the process, so it's a win-win-win situation. And as long as you make small purchases($20-30/month) that can be paid off in full on time every month, usually after a year or so the card either converts to a regular card, or a better card's offered altogether, and most importantly the deposit's no longer needed and is given back WITH interest.

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So you;ve not only rebuilt your credit, got a decent limit credit card, AND saved up some money out the deal, again a win-win-win situation. so,if used properly, a secured card can effectively rebuild your credit. I posted several links to some secured credit cards that may work for you.

good luck