Yes. You are not really getting credit-it draws from your balance like an atm.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
It is possible to recover from a bankruptcy. You should start by getting a secured credit card to rebuild credit. After about seven years you should be able to find a standard credit card that will allow you to get a card.
Try your bank to see if they offer a secured credit card. Bank of America offers a secured Visa and the credit line is equal to your deposit amount. Beware of secured cards with high interest rates and fees!
Will secured credit card improve my creddit
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
a credit card that is secured by a deposit of your own money
A secured credit card is a card on which you load money to be used by you. You will know if your credit card is secured if you must put money on it to use it.
One of the most common first steps to repairing poor credit after bankruptcy is to get a secured credit card. This is because a secured credit card needs a security deposit in case you don't make payments.
A great option to rebuild credit after bankrutpcy is getting a secured credit card. Secured credit cards can be used just like regular credit cards, the key difference is that they require an up front deposit to secure the credit limit. For example if you want a $500 credit limit, you will need to make a $500 deposit. For most secured cards there is no credit or bankruptcy check. You will receive a card as long as the issuer can verify your identity, residence and deposit. You will build positive credit as long as you make your monthly payments on time and keep your balance below your credit limit. Once you build positive credit histoty, you can then qualify for unsecured credit cards. You can close your secured credit card account at any time and receive a full refund of your original deposit amount (minus anything you owe). For more information secured credit cards check out http://www.yourcreditcardgps.com/best-secured-credit-cards.html
While in a Chapter 13 bankruptcy, the money that can be deposited in a secured credit card savings account varies individually. The amount must be presented to a trustee and approved based on the case.
Try a secured credit card
One can apply for a secured credit card by phone or in person. Some banks also allow applicants to apply online on their website.A secured credit card is harder to qualify for than a regular credit card.