DavidNY wrote:2. If that doesn't work, apply for a secured credit card that reports to credit bureaus.
I recommend Bank of America's Secured Visa. There's a $39 annual fee, they report to the bureaus, and they may convert it to an unsecured credit card after a few months.
I have a question about secured credit cards. I do work with a financial provider of credit cards, and as far as I know secured lines of credit haven't been openly available here since the 1990's.
How do these work? Is it just like getting a secured personal loan where you would, as an example, list your car as security for the debt if you are unable to pay it back? Or being a credit card which can sometimes have lower limits, do they list something else as security?
I have dealt with a few cards of this type since working in finance, but they are old cards/accounts from the 80s and the cards have been long since blocked by us, so I haven't seen the security ever being pursued when payments are defaulted.
These accounts have a higher acceptance rate I assume. I feel I have good credit management so I don't see myself as someone who can spend more than I am able to afford to pay back in a months time.