Q: Who should consider a secured credit
A: Individuals who have a
discharged bankruptcy or do not qualify for an unsecured offer, or only
qualify for high interest, and high fee unsecured credit
||About Secured Credit
How A Secured Credit Card Works
- A Secure Credit Card will help you
establish a credit history after a bankruptcy.
- You deposit anywhere from a minimum of
$200 up to $5,000 into an FDIC insured deposit account. The credit line
will equal the amount of your deposit.
Based on your credit and payment
history with your secured card, you may qualify for an unsecured card at a
later date. This means by securing new credit, and making your payments on
time each month, you will earn the opportunity to qualify for other
credit, such as an unsecured credit card.
- Pay at least the minimum payment
before the due date each month. Paying off your credit card balance in
full each month instead of carrying a balance may help. Your deposit
does not cover your minimum payments. Many credit professionals
recommend using up to 30% of your credit limit and paying the balance
off in full each month.
||About Unsecured Credit
A regular credit card designed for individuals with less than perfect
credit, often used as a good way to establish new credit after a
bankruptcy. Unsecured credit cards require no security