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Do NOT use a secured card or store card2010-03-05 17:00:08 by read_here_NOW
Yes, if they report your payment, it does give you a Fico score after 6-12 months, especially if they switch you over to a regular credit card, BUT they charge fees of $300-500 and this will eat up the $500 you put down. Also, some of them do NOT report your payments.
It is a myth that these build credit, at least in a realistic ti...nefits. Using that card, my Fico went to 767 in 5 months, and allowed me to open more cards (I started receiving pre-approved offers).
SECOND BEST SOLUTION:
Some credit unions offer secured loans. These are basically like secured cards, but are loans using your bank account. Put $500 in the account, borrow $200, pay it back over 6 months and watch your fico score be in the mid 700's.
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