What Are Secured Credit Cards
Author: SD2007
Posted: Wed Nov 16, 2005 10:25 pm
Post subject: What Are Secured Credit Cards
What exactly is a secured credit card? I understand that your credit limit is what you put on the card, but that seems kind of stupid to me. Do you ever get that money back, and what are the typical interest rates on a card like this?
I am about to pay off my credit cards, and I want to just have one card. Would it be best to just get a secured one, or keep the card with the highest limit on it?
I'm only in college and my credit score is only 598, so I want to build it back up in any way possible.
Author: rainyday
Posted: Wed Nov 16, 2005 10:58 pm
Post subject: What Are Secured Credit Cards
Seeing as you have had regular credit cards why would you want a secured one? I would keep all of them because closing them would hurt your credit score just be careful not to go overboard on charging things. If you really only want one card keep the one you've had the longest to keep your history as long as possible.
You do get your money back on the secured card provided you owe nothing at the time you close your account.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: shooter
Posted: Thu Nov 17, 2005 1:08 am
Post subject: What Are Secured Credit Cards
Secured cards are generally for those who cannot get unsecured ones. If you already have unsecured cards, pay them off as you planned and keep them open. If it is too much of a temptation to use them when you shouldn't stick them in a drawer where they won't be an option when you open your wallet. Closing them will only hurt your score because it will appear as if your credit history is shorter than it actually is and because your available credit will decrease.
Author: Board Monitor
Posted: Thu Nov 17, 2005 9:56 am
Post subject: What Are Secured Credit Cards
SD2007,
Greetings and welcome to the board! Great informative article on secured cards here:
http://www.cardratings.com/securedcreditcards.html
Out of curiosity, how did you find out about our website?
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Posted: Wed Nov 16, 2005 10:25 pm
Post subject: What Are Secured Credit Cards
What exactly is a secured credit card? I understand that your credit limit is what you put on the card, but that seems kind of stupid to me. Do you ever get that money back, and what are the typical interest rates on a card like this?
I am about to pay off my credit cards, and I want to just have one card. Would it be best to just get a secured one, or keep the card with the highest limit on it?
I'm only in college and my credit score is only 598, so I want to build it back up in any way possible.
Author: rainyday
Posted: Wed Nov 16, 2005 10:58 pm
Post subject: What Are Secured Credit Cards
Seeing as you have had regular credit cards why would you want a secured one? I would keep all of them because closing them would hurt your credit score just be careful not to go overboard on charging things. If you really only want one card keep the one you've had the longest to keep your history as long as possible.
You do get your money back on the secured card provided you owe nothing at the time you close your account.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: shooter
Posted: Thu Nov 17, 2005 1:08 am
Post subject: What Are Secured Credit Cards
Secured cards are generally for those who cannot get unsecured ones. If you already have unsecured cards, pay them off as you planned and keep them open. If it is too much of a temptation to use them when you shouldn't stick them in a drawer where they won't be an option when you open your wallet. Closing them will only hurt your score because it will appear as if your credit history is shorter than it actually is and because your available credit will decrease.
Author: Board Monitor
Posted: Thu Nov 17, 2005 9:56 am
Post subject: What Are Secured Credit Cards
SD2007,
Greetings and welcome to the board! Great informative article on secured cards here:
http://www.cardratings.com/securedcreditcards.html
Out of curiosity, how did you find out about our website?
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
posted by CardRatings.com at 11:23 AM
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