When you apply for a secured credit card, does it affect your credit score?

Question

When you apply for a secured credit card, does it affect your credit score?

Answer 1

Yes, usually a hard inquiry on your credit report will affect your credit score for a short time. Then, once you have the card, the other credit scoring factors quickly override it and raise your score.

Answer 2

Yes, it can.  There will usually be some affect on your score due to the credit inquiry and later, when the account shows up on your credit it can also lower your score until you get a few on time payments showing.

Anyway, a secured credit card is a good way to get or reestablish credit.  Around here, we have Washington Trust Banks and they don't have the fees that some secured cards have.  Shop around for one that wont rip you off.

Answer 3

Not necessarily, there are some secured card companies that do not even check your credit. After you have received your credit card and make some payments your credit score will improve. Look at the site below, there are some that say no credit check.