A secured credit card or a unsecured credit card? From my experience, I got an unsecured card which started out with a $250 credit limit and also had a fee for obtaining the card. Within a year the credit limit went up to $900 then I cancelled it when better offers came in % wise. That was a good start for me. But my bro-in-law is asking about secured credit cards? Which is better and will they both help rebuild your credit in the same way?|||Unsecured and secured cards only differ in that secured cards require a deposit or savings account with the credit card company. If you want to rebuild your credit either is good to start with. Just try and stay at a 25-35 percent debt to credit ratio, meaning if you have 1000 of available credit you should only use about 250-350. Contrary to some beliefs, don't pay the entire balance every month. This shows other lenders that you aren't responsible enough to carry small balances month to month. So if you apply for a mortgage and you always pay your whole credit card bill in full each month it looks like you can't handle balances. Also if you have a credit card and get another one, don't be so quick to cancel the one you just had, because that helps your debt to credit ratio. If any of this was a little unclear visit the links at the bottom.|||I'd go with an unsecured card, but what really would make the difference is what the interest rates and fees are.
Just make sure whatever you get reports your payments to the credit bureau, and you don't end up getting a pre-paid card.
Look here.
http://www.thecreditcardtorebuildcredit.鈥?/a>|||they have a point system
and they will loan you money, then they can raise the interest rates, pretty much as they want to
watch out|||Any credit card is a good credit card! The one thing you should always do get the best rate and pay little or no fee's. And don't abuse it. gl
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