Of course the advantage of a secured card is to rebuild credit, and 33 percent of your credit score is based on time payment history. Therefore, being late on a payment not only potentially negates getting an unsecured card but also injures your credit score. A late payment is like pouring a bucket of cold water on your score. Recovering means making multiple on time payments, each one like adding a warm stone to the bucket. The question becomes how many warm stones does it take to make up for a cold bucket of water? The answer depends on how much and and how cold the water.
Citibank has a good secured card that I do believe converts to unsecured after 18 months. This card actually received our Editor's Choice Award in 2009 in the Best "Poor Credit" or "Bad Credit" Cards category.
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