|
|
|
|
SECURED CREDIT
CARDS
|
A secured credit card can put you on the right track when entering the
world of credit or rebuilding that credit history after a bankruptcy
or other credit problems. Eight years ago, a friend of mine filed bankruptcy
following her bitter divorce battle. At the time, she was only twenty-five
but was left in credit card ruin. She felt like it was her only option.
Last month, this same friend called and informed me that she had just
purchased a new home. My first question was, “How did you do that?”
She explained that she had immediately begun to rebuild her credit history
with a secured credit card. Does this sound like you? If it seems that
your credit history is ruined forever, you should take a serious look
at what a secured credit card could do for your credit report.
A secured credit card is basically the same as an unsecured credit card;
it has the same features, flexibility and use. There is no print on
the card that identifies it as a secured card—that’s just between the
card holder and the issuer. And just like any other credit card, it’s
accepted at merchants throughout the world who accept credit cards.
To get a secured credit card, you must first open a savings account
or a CD account in your name. Next, you’ll have to deposit a certain
sum of money into the account, which will serve as the collateral for
the card. For example, if you deposit $500 into the bank account, then
the credit limit on the card will be $500. If you are ever in default
with the card, the bank will have the right to take the money from the
savings or CD account to pay the balance. The money you deposit will
earn interest, but you will be restricted from removing it from the
account at any time. (Unless you cancel the card with no balance on
it.) The secured credit card issuer will determine the amount of the
deposits.
You will be responsible for paying the credit card bill every month,
just like you would an unsecured card. Every time you make a payment
on time, it will show as a good mark on your credit report. But by warned!
Every time you are late, that will show up, too! In addition, just like
a regular credit card, you will pay fees and interest if the balance
isn’t paid in full each month.
Eventually, as you build a good credit history with the issuer, they
may increase your limit on the secured credit card or offer you an unsecured
card with a low credit limit. Either way, you are on your way to building
a good credit rating, which will allow you to live your life with more
flexibility.
Could you benefit from some good marks on your credit report? If so,
you should check out what a secured credit card can do for you!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
Other Credit And Real Estate Related Information
|
American Grant
Provider Directory
 The
Federal Government and Private Grant Foundations issue billions
of dollars in grant money to a variety of groups each year.
Grants are awarded to individuals each and every day from all
walks of life, with large and very small bank accounts, for
an ever-increasing array of purposes.
Grant programs are not Loans.
You decide how much you need. As long as the amount is lawful
and you meet the Foundations and Government Agencies Requirements,
the money is yours to keep and never needs to be repaid. This
grant money is non-taxable and interest-free!
Get more information
|
|
Do You Have
Bad Credit?
Don't give up!!
Our list of lenders and credit card
companies are willing to give you another shot. They realize
that good people can have bad credit.
Whether you have
had minor problems in the past or even bankruptcy, our lenders
are there to help you not only receive a loan, but also to re-establish
your credit.
Are you ready to
get your second chance?
Get more information
|
|
Mortgage Loan Tips
 "Excellent
for first time buyers, move-up buyers or refinancing. I cannot
recommend it highly enough - this should be required reading
for anyone who wants to get a loan."
M. Klinger, Real Estate Broker
Aventura, FL
Get more information
|
|
Credit Repair
- Erase Bad Credit Now!
 Are
you tired of Bad Credit? - High Interest Rates? Disapproved
Credit?
Use my experience today, and I will show you
how to get every negative item Removed from your Credit Reports
within 1-3 Months. Guaranteed!
Get more information
|
|
Credit Secrets
 "How
to Clean Up your Credit Report and Wipe All Your Credit Card
Debts in Record Time!"
Take a moment to imagine this...
On any given day you could be receiving new pre-approved credit
card offers in the mail, you could able to purchase a new home
without worrying about qualifying for a mortgage, financing
for automobiles and boats could be readily available to you,
and...you could have piece of mind knowing that should an emergency
arrive you would have the resources to take care of you and
your family.
Get more information
|
|
