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Do secured credit cards really help build credit?
Just wondering, I've never used one.
3 Answers
- 9 years ago
Cynthia is correct, the key though is in maintaining a very low balance on the card at all times...anything over 19% in relation to your credit limit will begin to lower your score and the higher you go the worse off your score will be. Keep the balance low and pay the card on time and in 12 months you will see a positive impact on your FICO score.
- Anonymous9 years ago
Yes. Secured credit cards & secured loans are an excellent (and almost the only) way to build credit!
