Author Topic: *Newbie* Secured credit card for a 567 credit score anything else?  (Read 877 times)

WelfaretoRiches

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Good evening,

I've only been following the blog for about a year now. I'm gradually making financial changes to better my life and others.
As of last year I began working again for a temporary agency. My assignment ended 12/2016 and my unemployment kicked in shortly after.
I just received my tax return and instead of buying a new flat screen like most of my low income peers. I want to park some cash somewhere. I've chosen Ally to place $1000 because of their interest rates.

I also would like to improve my low credit score.
I only have two accounts open 1 autoloader which is recent but in good standing and a cable bill that went to collections for $114 in 2015. I just paid this off Friday and reinstated my account with them for Internet only.

I've done my research and I know that a secured credit card is the way to rebuild my very little credit history.  I was turned down my the bigger banks (capital one and bluesky) and approved by a company called Primor security gold.

I'm wondering if there's anything else I can do to build and repair my fico score?

Anything to keep in mind in using the secured card?

Thanks!

marty998

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Re: *Newbie* Secured credit card for a 567 credit score anything else?
« Reply #1 on: February 27, 2017, 11:47:10 PM »
Use it very sparingly. Pay off in full immediately.

Do not ever carry a balance. Ever.

WelfaretoRiches

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  • Posts: 2
Re: *Newbie* Secured credit card for a 567 credit score anything else?
« Reply #2 on: February 27, 2017, 11:50:12 PM »
Thanks. I only plan on paying a reoccurring $8 bill
😊