Is it better to start a credit history with a more money on a secured card or less…

Credit and mortgage advice Forums Consumer Credit Credit Cards Is it better to start a credit history with a more money on a secured card or less…

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    • #214144
      Anonymous
      Inactive

      …money on a regualr one? Assuming an individual has no credit history, is it better to start building one with a $1000 secured credit card or a $500 (or whatever the usual minimum limit is) unsecured card?



    • #279105
      Anonymous
      Inactive

      Usually they will start you out at a lower limit. And frankly, it is probably better to start out with a lower limit.

      Credit Card companies will usually up your credit limit every 3-6 months as a “reward” for doing such a good job. When in fact, you spend more and the high interest rate charges you more so you owe more…

      The best thing to do is to get a card with a high interest rate and a low limit. Those are what we call credit building cards. Over time, the credit line will increase and then it is just up to you to be responsible

      Goodluck

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