Maybe you are a first time home buyer. Or, maybe, you are someone who already had credit card experiences before that really were not all that positive. Right now, you probably need a credit card. But, if you already have a bad record or have no record at all, then, it really could be quite a problem trying to get one.
You do not really have to fret, though, because there is a way for you to rebuild your credit history–and it could be done by using a secured credit card!
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What Is A Secured Credit Card?
So, what is a secured credit card, then? A secured card is something that is backed by collateral. This is not similar to usual cards that you may already be using, in the sense that before getting a secured credit card, you have to give a collateral first. Usually, this collateral is a cash deposit that you would be giving to whoever it is that would issue the card. You will then have to pay for the card through cash deposits, and if by any chance, you fail to do so, the money you owe would be deducted from your card so that the issuer would be able to recover the funds that they have lent.
You can now see its difference from unsecured credit cards, because if you have an unsecured card, it means that you could use the card without limit, but then you would have to pay all of it monthly or so.
In short, by using a secured credit card, you would be more in control of the way you use your money because without the needed collateral, you would only be able to use a fraction of the funds. It is a good way of helping yourself become responsible without shortchanging yourself, too. After all, your credit card status will be reported to security bigwigs TransUnion and EquiFax to make sure you are not going way above your credit line. This would help you be more mindful of your expenses, and will help you think about saving up, too.
Another great thing to remember is that there are a lot of advantages that you would experience while using a secured credit card. You can get maximum security deposits of up to $10,000; for your unpaid balances, you can take advantage of low-rate option interest rates; you can make purchases with the card wherever VISA is accepted, and; of course, you can easily access cash from ATMs around the world, whenever possible. It is definitely just like having a normal credit card – but being more aware, and responsible enough not to drown in debt.
Rebuilding Your Reputation
It really is hard to rebuild one’s reputation, whether in life or in finance. But just because you have been tagged as someone with bad credit line before doesn’t mean you can never be trusted again. Sometimes, all you need is some help – and secured credit cards can do that for you. Ask your mortgage broker about it – it just might save your life!
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