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Credit Unions usually offer secured credit cards as an onramp. Put $500 in a special savings account, get a credit card with a $400 line.
by schrectacular 5y ago
Credit Unions usually offer secured credit cards as an onramp. Put $500 in a special savings account, get a credit card with a $400 line.
- pessimizer 5y agoThey'll also let you get a secured loan for something you were planning to pay for in cash (e.g. a car), but instead you dump that cash into an account which automatically pays down the loan balance every month. I did it. The interest rate for the loan was a fraction of a percent higher than the interest on the account. It's monumentally stupid, though, and says nothing about my ability to pay off future debt.
- barrkel 5y agoIt says you're able to manage your cash flow well enough that you were never tempted to prioritize something else over the repayment, for months, probably years at a time. IMO that says a lot about your willingness to pay off future debt.
- astura 5y agoMost big banks offer secured credit cards too, they are ubiquitous.