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Things to know about secured cards

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Things to know about secured cards

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  1. Credit Card

  2. Things to know about secured cards

  3. A secured card operates much like a regular credit card, except the cardholder makes a security deposit to open the account. • Often equal to the credit line, that money assures the card issuer that a borrower won't rack up a bill and walk away. • But there are plenty of myths and misconceptions about secured cards, too. • If you're considering one, here are nine things you should know.

  4. 1. Getting a secured card isn't a slam-dunk. • You "secure" these cards with a deposit that's often equal to the credit line. • Essentially, you're giving the lender -- in advance -- the money that you could walk away owing them. So you might think anyone could get one. Not so. • Even with secured Credit card, there are some financial sins that will keep you from getting approved. • That list can be different for every lender, says NessaFeddis, senior vice president of the American Bankers Association.

  5. 2. Many issuers will pull your credit history. You're considering a credit card that's designed specifically for people with no credit or tarnished credit. But if you apply, a good number of issuers will still pull your credit history, causing a hard inquiry that will temporarily shave a few points off your credit score. 3. Anyone viewing your credit report will know it's a secured card. [Source: http://www.creditcards.com/credit-card-news/9-things-know-secured-cards-1264.php]

  6. Click to know more on Credit Card : http://www.idbi.com/Credit-Card.asp Thank You…

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