For consumers with damaged credit or no credit history at all, secured credit cards are one of the most popular ways to obtain credit and start improving your credit score today. Your chances of getting approved for a secured credit card are high, and most of the major card issuers also report your payment history to all three of the credit bureaus and can thus build your credit score. So, how does a secured card really work? Unlike regular credit cards, a secured credit card requires a security deposit with the card issuer. Your credit line will represent anywhere from 50% - 100% of your security deposit, and you can use the card anywhere credit cards are accepted. If your history with the secured credit card is good for approximately a year, the card issuer will likely extend your line of credit or graduate you to an unsecured card.
As mentioned by
Advertiser Disclosure: Creditnet.com is an independent, advertising-supported information and comparison service. Creditnet.com receives compensation from some, but not all of its partners whose offers appear on our site. Compensation from our advertising partners may impact how and where products appear on our site. Creditnet.com has not reviewed, nor does it display, all the credit card offers available in the marketplace. We attempt to keep information on this site accurate, but we make no warranty regarding the accuracy of any of our information, including information on specific credit cards, card issuers, credit scores, credit availability, and comparison or savings calculations. When applying for a credit card, you are advised to read the credit card application and related disclosure on the credit issuer's website for details on current terms and conditions.
Editorial Disclosure: Opinions expressed on Creditnet.com are the author’s alone, not those of credit card issuers. Our content is not provided or commissioned by credit card issuers, and it has not been reviewed, approved, or otherwise endorsed by credit card issuers.
Copyright © 2022 - Creditnet.com - All Rights Reserved