What is a Secured Credit Card ???

I have heard it before " I can't get a credit card" like any other credit , a credit card is obtainable. Question is just at what cost to you. The cost can be just crazy. It's called a "Secured Credit Crad" . Use your head and judgement. Ask yourself "why do I you need a Credit Card." What is your purpose of obtaining a credit card with bad credit, or as the bank likes to call it, to make you feel better "blemished credit" Will a check card work ask yourself ?

100's of Credit Card Choices Secured Site

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Here is the deal with a Secured Credit Card. The issuer of the Crdeit Card sets up a savings account for you in your name. The fee for the service can be expensive. That is why I ask why do you need a CreditCard. After the fee is payed, your savings account is set up to accept your deposit.The deposit can be made a lot of time by "MoneyGram" at a local Walmart. Your deposit determines how much credit you are exteneded. This is where the securded comes in the isser can't lose. For instance, you deposit $300.00 in the savings account. Some issuers will allow you to increase your account up to $10,000.00. Check with the issuer for details. Bingo $300.00 is your credit limit less any set up fees. Set up fees genrally run about $100.00 to $125.00 per account plus another $25.00 per card issued.

About 10 days or so after the deposit is made you will have your new credit card. A few of the securded Creit Card issuers will offer a expedited service that will allow you to obtain the Credit Card overnight at a extra fee, dont do it unless it is a must. Now that you are up and running here is what is next. You will get a monthly statement that will show your Credit limit , balance and Min payment due and date due. You make the payment on time and the issuer notifys the credit breau that your payment was on time. Now you have started the process of repairing your Poor Credit. The Credit Breau does not know that you have a "Secured Card" or do they care. The Credit agencys just care about you whether you make the payment on time. After about a year or so you should be able to obtain a basic Credit Card
without being a secured card. Dont get caught up with making a payment more than the min. due, if you can go for it. Do not do more than you can and create a problem with offer accounts or bills. We are trying to repair your credit not make it worse. Any questions feel free to contact me. I will try and answer any questions from where I have been. You might be able to learn from some of my many mistakes. Next time I will be writing about Re-FI's with the home mortgage. I just speak or write. from my experience I do not proclaim to be an expert.

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