October 2, 2006 3:54 PM
Now All Secured Cards Help Credit Rebuilding
Bankrate reminds us that not all secured cards will report to major credit agencies, so be sure to find out from the issuing financial institution whether the secured credit card you receive will help you to establishing your credit.
The payment history on a secured credit card isn’t always reported to the credit bureaus. Because your bank is actually extending credit, it’s very likely that it is reporting your payment history, but you’ll want to make sure of it.
Ask the bank, or get a free copy of your credit report. Under the Fair Credit Reporting Act, or FCRA, you’re entitled to the free credit report because you were denied a loan. Ask the lender which credit bureau they requested your report from, and then ask the credit bureau(s) for a free report. Bankrate provides the contact information for the three major credit bureaus.
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