Monday, October 26th, 2009

Which secured credit cards can you continue to add money after it is opened?

I want to increase the limit 1000 dollars a month but I am trying to find a secured credit card that will allow me to continue to add money. After they give me the secured account I will use the money to get another secured card at another bank. Is that a good idea? I plan on saving $10,000 and making both of the cards that limit.

I think that is an excellent idea if you can do it. Yes most if not all of the secured credit cards you can add additional moneys up to a certain amount. That is up to the credit issuer (credit card company). What I would do also, is open up a secured loan at a bank, and borrow against that and then make payments on this account to show good credit payment history. You should have more than credit cards history, you should also have either a bank loan, car loan or a house loan, in the near future. Good luck you are well on your way to establishing good credit.

One Response to “Which secured credit cards can you continue to add money after it is opened?”

DAS Says:

I think that is an excellent idea if you can do it. Yes most if not all of the secured credit cards you can add additional moneys up to a certain amount. That is up to the credit issuer (credit card company). What I would do also, is open up a secured loan at a bank, and borrow against that and then make payments on this account to show good credit payment history. You should have more than credit cards history, you should also have either a bank loan, car loan or a house loan, in the near future. Good luck you are well on your way to establishing good credit.
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