Which secured credit cards can you continue to add money after it is opened?

Question

I want to increase the limit 1000 dollars a month but I am trying to find a secured credit card that will allow me to continue to add money. After they give me the secured account I will use the money to get another secured card at another bank. Is that a good idea? I plan on saving $10,000 and making both of the cards that limit.

Answer 1

I think that is an excellent idea if you can do it.  Yes most if not all of the secured credit cards you can add additional moneys up to a certain amount.  That is up to the credit issuer (credit card company).  What I would do also, is open up a secured loan at a bank, and borrow against that and then make payments on this account to show good credit payment history.  You should have more than credit cards history, you should also have either a bank loan, car loan or a house loan, in the near future.  Good luck you are well on your way to establishing good credit.