secured crdit cards for re-establishing credit
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Posted by beatIRS
(205.188.209.12) on November 23, 2002 at 13:48:37:
first premier bank sent me the following letter after already having been turned down for an unsecured credit card: "thank you for applying for a Mastercard credit card... bla bla bla... we are modifying the terms of our offer bla bla bla... THIS CARD IS THE BEST WAY TO BEGIN REBUILDING YOUR CREDIT HISTORY. START NOW." "No one but you and First Premier Bank will know that this is a Secured Card!" "Send in your savings deposit in any amount up to $5000... bla bla bla" Is this legit? Does this really help to re-establish credit? How will such a card and my payment history be reported to the bureaus? Will that help to re-establish credit or is it all just smoke and mirrors?
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