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Had to choose between a secured card and a credit builder loan
My credit score was sitting at 580 last year and I needed to start rebuilding it. I went with the secured card because the deposit was only $200 and they graduated me after 6 months. Has anyone here tried both and seen which one actually bumps your score faster?
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mary_west13d ago
Stick with the secured card if you already have it open, that $200 deposit is way more manageable than a loan payment that freezes your cash for a year. Did you make sure to keep your balance under 30% of the limit?
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anderson.piper13d agoMost Upvoted
Did they miss the memo that 30% is more of a suggestion than a rule?
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ray_martinez8212d ago
Mary's point about keeping under 30% is funny because people treat that number like it's written in stone. I notice the same thing with gym memberships where everyone thinks they need the premium plan before they've even shown up once. A secured card lets you learn the habit of paying on time without locking your cash up for a year, which is usually the real problem.
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