Had to pick between a secured card and a credit-builder loan

I needed to fix my credit score after some dumb mistakes. The secured card needed a $200 deposit but gave me a credit line right away. The loan wanted me to pay $50 a month for a year before seeing the money. I went with the secured card because I could use it for groceries and pay it off each month. Has anyone else tried both and which worked better?

3 comments

3 Comments

reed.skyler1mo ago

Secured card worked better for me since I could build credit while spending money I already had.

markh851mo ago

Man I don't get why everyone acts like a secured card is some huge deal. It's just a $200 deposit that you get back eventually if you're not an idiot with it. The loan thing sounds way more annoying with having to pay every month and wait a whole year to see your own cash. Seems like people make this way too complicated when the answer is pretty obvious. Just get the card, use it for small stuff, and pay it off. Not exactly rocket science.

diana6171mo ago

Oh for real, you get it. I've been there with the secured card and it's honestly the easiest way to start. Just put Netflix on it and set autopay, you'll forget you even have it.