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Get A Secured Credit Card

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Derek Said:

Which would be better for rebuilding my credit a pre-approved or secured credit card?

We Answered:

A secured one would be your best bet. Granted, you would have to place a deposit upfront, but your chances are much higher for getting approved. Not to mention that you're able to increase your limit by adding to the deposit. Keep in mind that whenever you apply for credit regardless of whether you're approved or not, an inquiry is created which drops your score. The secured card would be a more secure (pun intended) option. If you're going to lose points on an inquiry, you might as well make it count.

Joseph Said:

My husband has no credit and got rejected for a secured credit card at our bank, what else can he do?

We Answered:

he has to establish credit....use cash for time being for purchases

Tammy Said:

Where can I get a joint secured credit card and will this help improve both person's credit score?

We Answered:

Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - credit-report-score.10001mb.com

Terrance Said:

How does a secured credit card work?

We Answered:

When you get a credit card with a $500 limit, for example, you put $500 in an account to secure that card. When you use the card, you must pay it with money from your account, not the $500 security money you put up. If for some reason you do not pay the payments on the card, they will then use your security money. The checks you write are coming from your money, not the banks.

Javier Said:

When you have a secured credit card, what happens to the money you use to establish the credit line?

We Answered:

How it worked for me:

I gave Bank of America (my bank) $99 to open a secured credit card. I had a $500 credit limit. They put the $99 in a savings account that I couldn't touch. It stayed in there for the year required, and I got the money back plus a little bit of interest that it had gained, when my secured credit card was made unsecured and the credit limit was also doubled at that time.

Kelly Said:

Whats the difference btwn a unsecured and a secured credit card?

We Answered:

You're almost guaranteed to get approved for a secured credit card. That's because a secured credit card is "secured" by a security deposit. Normally, your security deposit matches your credit limit. If you default, they'll use your security deposit to payoff the balance.

An unsecured credit card doesn't require a security deposit. It's operates just like a standard credit card.

I would recommend trying the Orchard Bank Platinum card in your situation. It's an unsecured offer-- but if you don't get approved, Orchard will offer you a secured credit card instead. It's like applying for multiple credit cards at once-- but there's only 1 inquiry on your credit report. You can find it (and other unsecured offers) here:

http://www.asapcreditcard.com/unsecured-

Hope this helps. GOOD LUCK! Your Ad Here

Discuss It!

http://www.sjym.ml said:

Answer very detailed.