A Secured Credit Card and Building Credit
May 4, 2006
Bank Rate has a great article on building credit with a secure credit card. I have gotten many of these unsolicited in my mailbox but have only used one a few years back. I don’t use any sort of credit cards very often.
Secured cards typically have a credit line equal to the amount of money you have on deposit with the card company. Not all secured-card providers report payment histories on the card to the credit bureaus. You can check to make sure that Bank of America reports your payment history by looking at your credit reports. Once a year you can get a free credit report from each of the credit bureaus. The Bankrate feature, “Free credit reports for all,” tells you how to get your free reports.
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