Secured Credit Cards - A First Step To Rebuilding Your Credit
Secured credit cards are not of much use to you if you already have a solid credit score. These cards require a cash deposit that will represent your budget for that card. For example, if you put $400 in the account, you would have a $400 line of credit. If you put $750 in the account, then $750 would be your credit limit. Secured credit cards are only given to individuals with no credit history, or to people who have bad credit and can't get any other card to re-build their credit. Secured credit cards can be a great way to rebuild your credit, but there are several things you need to understand right off the bat: These cards will have higher interest rates These cards will have annual fees Most cards will limit you to $300-500 starting out These cards are not a long term solution to your credit woes Since these are credit cards designed to help someone with a bad credit history (or in rare cases, none at all) get into the game, these are not going to be the best deals. ...
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