Anyone have experience with secured credit cards?

[squall7733]

Hello, I've been browsing this forum soaking up knowledge for awhile but I have a question I'd like to ask.

I have absolutely no personal credit, although its not bad credit, its just no credit history - which seems to be almost exactly the same thing

I've applied for several 'limited credit' cards to only be declined several times. I'm not in any sort of a financial pickle, I'm acctualy doing very well with multiple sources of income. Two businesses I run have some very high monthly expenses that the business pays for, I am really looking to get these business expenses onto a rewards credit card (flyer miles!!!) ASAP! A little hard to get those cards right now though.

I am looking at secured credit cards as a way to build credit. My questions are, does anyone have any experience with them and can offer advice? Maybe refer me to the best ones to get ? ^.^;

I would like to have one with a low deposit, having a low credit limit doesnt bother me. I wonder if there are cards out there that report to the big 3 credit companys more often the others?

I am really looking to upgrade into a new card as soon as possible, I'm a newb when it comes to credit scores and such, does anyone know how fast I could possible build up enough credit to get a rewards card?

[Capital Cosmopolitan]

I had a secured credit card using Bank of America when I first started college. Man it's been so long I forget how it worked exactly. I think I had to put down an up-front deposit and pay my balance every month. My college also offered credit cards through the campus bookstore (the apr sucks, but hey it was the only credit card I could get approved for, and only cuz I was a student of the university.)

Your only other option is to get credit by becoming the 2nd on a family member or boyfriend/girlfriend's current credit card. Also, be sure to check out www.annualcreditreport.com because you are entitled to get a free copy of your credit report once a year (U.S.)

Hope this helps and Good luck,