whats better a secured loan or a secured credit card for credit report?
Friday, March 5th, 2010 at
5:15 am
i’ve got 800 dollars would it help my score more to get a secured credit card or to get a secured loan. also if i put my husbands name on it will it get reported to both our reports or just the first person on the loan
Repossession
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Tagged with: Husbands Name • Score • Secured Credit Card • secured loan
Filed under: secured loan
Loan. Only the person on the loan unless yo have a cosignor, in which case it goes on both.
Well, the type of credit isn’t really the issue, it is that you have GOOD credit. That means, whatever you have, you are making regular payments and never paying late or missing payments. It also measures your credit as a percent of your income to figure your credit score.
A secured credit card is NOT a good type of credit. Usually, people who have terrible credit or who have declared Chapter 7 bankruptcy can’t get anything except a secured credit card. YOU pay the credit card company just to let you have the card and the interest rates are about as high as the law will allow….over 20% apr. and they usually charge you a processing fee to open the account and charge you a monthly use fee in addition to all the interest. These should be agains the law in my opinion.
If you want to establish credit, then it is to your best interest to have a secured loan. Most secured loans are for automobiles or for real estate. Since the lender has a security interest in the asset, they are more likely NOT to get burned too badly if you stop paying. They just repossess the asset.
secureed loan paid in full raises your score more than anything
The main thing is you have something in YOUR name, or both your name and your husband’s, with a history of paying on time. Your Name+On time is the formula.
Good luck
The credit reporting agencies dont know the difference between secured credit card and regular one just do whatever is easier for you pay on time.
paying on time, about credit cards, I found interesting information about your answer & credit card options here. luck!