Ben

Actually that isn't altogether true. International autosource can get you non-American cars but you will have to pay list price and they can't get you good deals on credit payments. If you go for an American car (Ford, GM) they can get you good discount rates and good interest rates too if you want to buy on credit.

fatbrit

BS!!!

Highcouncilruler

Fatbrit....

That is information that I was told by a rep when I called to inquire about getting a secured card. It is supposedly in the letter references the credit report uses and is up to the company that is looking at your credit. Not always something that regular consumers would see or understand what they were looking at when looking at their own credit reports. I was also told they don't help increase your credit score as quickly as one that is non-secured. Additionally, a person can get non-secured credit cards with high rates and high fees...why would secured cards be any different?

I can only go by information I was given by others. This is supposed to be for opinions and that is what I offered. If I was given wrong information by someone else, I can't help that. I didn't start my original thread as some sort of expert. Although I did give some of my credit union experience.

I have been amused by some people's tag lines indicating that they were not experts and if a person really wants to know information then they should do their own research. However, perhaps there is really a good reason for this.

If you have first hand experience, perhaps you can offer it to be of help to others?

CaliforniaBride

Does depend on where you are. My driving history was taken into account here. What was also great is that we were able to insure me on the jallopy and I'm still fully comp on the Beamer. Wouldn't work like that in the UK.

CaliforniaBride

Thanks for your post dbj1000. Especially the info about the Credit Union. Ours refused to add me to our account as I didn't have a SS number. Might be worth going back with that info.

fatbrit

Reps work on commission! Rule number 1: Never believe anything a rep, salesperson or such utters in the good ole US of A. They’d even tell me I wasn’t fat if they though it’d get them a sale. Instead do your research on the web through reasonably independent sites

Secured credit cards are for three sorts of people:
1/ Folks who’ve screwed up their credit and are trying to rebuild it; or
2/ Folks who’ve screwed up their credit but need a proper credit card, e.g. to hire a car; or
3/ Folks who are trying to build their credit from scratch, e.g. new immigrants.

Like anything else in life, you can get a crappy one or a good one. I agree you certainly can get terrible ones that’ll cost you $250 in fees. But then again you can get a crappy real one as well. Take a secured credit card from Bank of America or a bank with similar standing in your neck of the woods. It should cost you nothing or next to nothing. On your credit report it will simply be posted as a credit card account, nothing else. Use it responsibly for a year (don’t use more than 20% of max limit, pay on time) and you’re on the ladder.

Credit Unions also come in good, mediocre and positively horrible flavours. By all means check them out…

BritGuyTN

Yeah the rep was giving you either BS or ignorant crap, I have a bank of america secured card and it cost me $19 in annual fees.

I've had my credit history for just about 1 year, I started with the BoA secured and now have 5 cards total, 4 unsecured with all my fico scores over 700

In six months time (once the accounts are all a year old) I will apply for Citi and Amex cards - JOB DONE

Credit Unions can be great, Patelco in california is pretty famous for giving credit to people with lower scores and shorter histories.

they gave me a unsecured card with 2.5k limit and lent me $34k @ 4.2% for a used car

4.2%!!!!!!!!!! sh1t! and they just needed proof of income and an experian score over 660

This contrasts with colleagues who had to finance their surburban at 18% because of lower scores and not gong to the right place