I've been thinking about getting a secured line temporarily until it bounces back up. I'm currently in the mid to low 500's, was in the high 400's not too long ago, and I'm just curious if anyone has had any success in bringing their's back up from that kind of low.
Obviously secured lines are shitty fucking scams wherein the company is trying to make you pay interest on your own fucking money that you've already given them, but still I'll play by it for now just so I can take a line out in the future. Whether I pay that one off or fuck off with it remains to be seen but I want the option.
Credit cards and credit scores are all a scam, but you don't really have a choice other than to play by their rules.
You can get a secured card for $50-200 and they'll hold that money as a security deposit until you close the account, then they'll give it back to you. You're technically not losing the money, although you basically are because the longer the card is active the better your credit score gets, so it's really in your best interest to leave the card open indefinitely and never take that money back.
Other than that, it works like a regular credit card. The apr is shit, but it doesn't matter because you should never leave a balance on your card at the end of the month to avoid any interest payments.
All that being said, it will improve your credit score. Once you've had the card for a while you can increase the spending limit on it without putting down more money, and eventually you can apply for a regular card with the same company. You're more likely to get approved by them if you've had an account with them for a year or two.
At that point, just keep those cards open as long as possible, maybe apply for a third one in five years or something.
