Credit Score Factors
posted by yournextfirst
Get a copy of your credit report at www.annualcreditreport.com
Tags: credit, factors, score
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on Monday, February 8th, 2010 at 8:00 am and is filed under Money & Finances.
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One thing that will help you build credit or rebuild credit is Secured Credit Cards. Unlike normal credit cards, you put down a deposit, and get a credit card for up 120% of the deposit. They report regularly to credit bureaus, and default is covered by the security deposit. They are getting a little scarcer, and the limit will be lower than a non-secured card, but if you use them as intended, you’ll build a credit rating and your credit limit will conceivably less than the average payday loans, so you won’t be able to go on an Imelda Marcos’ inspired shoe spree.
AFCU is looking into a secured credit card option. Watch for this product in the future.