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Secured Credit Card Account

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Brett Said:

What happens to the money on a secured credit card after the account is closed?

We Answered:

You would only get the money back if you don't have a balance you need to pay on the credit card. Meaning the point of the secured credit card is to ensure the bank will get thier money no matter what.

If you took out a secured card for 1k, and closed the account oweing $999.99 then all the money you secured your card with would got to the principle.

However, some banks allow you to get your money back after a year and transfer your credit card to an unsecured one, good luck.

April Said:

Secured credit card. Can I get a secured Visa card with MC charge off on my credit report?

We Answered:

In general , secured credit cards will be issued irrespective of your credit history. Do not worry just apply for securied credit card. With credit unions it will be much easy than banks.

Dana Said:

What bank to go to for a revolving bankcard account or open a secured credit card?

We Answered:

Look into obtaining a secured credit card at any nearby credit union (credit unions usually offer them, banks may not), and you'll get a better deal (lower interest rates and no additional fees).

Charlene Said:

Closing a credit card account that is inactive? How much will it affect my credit report?

We Answered:

If nothing else, use it for a small purchase at least once a year and pay it off. If you do not use an account for 12 months, they might close it on you anyway.

What hurts your credit the most is abuse, failure to pay, or using more than 30% of your limits. If you have three cards and pay them off each month, then spread the debt out so that no one card exceeds 30% of its limit.

Having a card even with only a $300 limit, is $300 worth of credit. As soon as you close it, your available credit drops by $300, which could hurt you.

If any of your cards are charging annual fees, consider getting another card with a higher limit and no fees. After you get the boost of the extra credit limit, then close the card with the fees.

Carla Said:

¿when you sign on a secured credit card you have to buy something so the account show in your credit report?

We Answered:

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments -

Darren Said:

Anyone know a bank to acquire a revolving bankcard account or a secured credit card?

We Answered:

not a good idea. Would not recommend that.

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