Can a secured credit card help me build or re-establish a credit record ?
Yes, but if you’re considering a secured card as a way to build or re-establish a credit record, make sure the issuer reports to a credit bureau. Your credit history is maintained by companies called credit bureaus; they collect information reported to them by banks, mortgage companies, department stores, and other creditors. If your card issuer doesn’t report to a credit bureau, the card won’t help you build a credit history. For More Information To build a credit record, you may want to apply for a charge card or a small loan at a local store or lending institution. Ask if the creditor reports transactions to a credit bureau. If they do – and if you pay back your debts regularly – you will build a good credit history. If you cannot get credit on your own, you can ask a relative or friend with a good credit history to act as your cosigner. The cosigner promises to repay the debt if you don’t. If you’re interested in applying for a secured credit card, the BankCard Holders of America (
