Is a secured credit a good way to build on no credit?


Yes. It’s how I started and it’s worked for me.

To help you out.

apply for a credit card with the likes of Chevron, Exxon, Murphy U.S.A., Walmart or another local grocery store. Start with them, they’ll start you with about $500.00 limit and a decent rate probably around 15 percent. sign up for online bill pay, but skip the auto pay part. sign up for all of the alerts too. they’ll send you an email notice in advance of bills due date, make sure you have notice sent 10 days in advance of due date, you can do all of this online through company website or download company app.

next if bill says you owe $100.00 on June 1st, pay the bill in full, don’t make minimum payments as you will end up owing more money in the long run. this last part is just an example figure, due date.

Good luck.

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This is really helping…But is that the process you used,to be sure

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@angela.patrick posted:

This is really helping…But is that the process you used,to be sure

Hi, what I wrote in the first paragraph is actually how I started my credit card experience, I had gotten my first card through Toys R Us, it had the Citibank Mastercard logo printed on the card when it came in the mail, that was over 25 years ago. it was a card for beginners (people with low credit scores) my oldest brother taught me to never run over the limit, along with telling me when the bill comes in the mail, pay it off in full. now with online accounts, i pay in advance online.

That way you will build credit over time and slowly the credit card companies will trust that you are a good client and raise your credit limit and the credit agencies (trans union, etc.) will increase your FICO score.

Yes it takes time (years) to build a high FICO score…my Fico score is over 800 on all 3 credit cards I have.

I have these cards below, started with just the one card listed above and that FICO score was only 490. with me having the scores listed below, I NEVER have problems buying anything I want. Approvals for loans I have gotten, (loan officer took 20 minutes to fill out online form) he hit submit button on his computer, Bank of America returned an Approval in 3 seconds, I was wearing my dirty work clothes when I applied, loan officer thought of 2 things, first thing id get rejected, second thing, thought id get high interest rate, Never going to happen to me. my interest rate on loan was 3.59 percent, that most recently happened in 2018.

Citibank Mastercard, fico 861

Bank of America, fico 829

Discover, fico 831.

Sorry for being so long of story, but best of luck to you.

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