Secured Credit Cards

Have you had credit issues in the past?

Do you want to establish a credit history?

If any of the above applies to you than you might be in need of a secured credit card.

If you've have had past credit issues or would like to establish credit than a secured credit card might be an option to consider. A secured credit card is a credit card which means that your credit card is secured by a savings account that is pledged to the credit card issuer. You simply deposit a sum of money that you will not be able to use and you can charge up to the amount that you agreed to pledge on the credit card. The deposit account is set up in your name in an interest bearing account, but if you default or don't pay your credit card bill the card issuer can transfer what you owe to pay your credit card account balance.

Secured credit cards may be a great choice to consider if you had past credit problems and are having problems being approved for a credit card. If you regularly pay what's due on a secured card you may eventually be able to qualify for an unsecured card. So if you have a secured card and believe you have showed your creditworthiness you might want to apply for a regular credit card. You can apply and ask your credit card issuer for regular unsecured credit card. You might also want to keep the unsecured credit card as the second credit card might help increase your credit score. By having the second credit with a its own credit limit your credit report will reflect two credit cards with their own credit limits thus showing you have more available credit.

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