Once a 13 has been approved and the plan has been implemented the trustee only has power concerning major financial decisions. If the assets/income(s) were properly filed pertaining to the bankruptcy, any exempted funds can be used at the descretion of the debtor. However, most people are left with very little to live on while in a chapter 13, therefore it is advisable to consult the trustee or the bankruptcy attorney before making any financial decisions.
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.
The lowest amount you should deposit in a secured visa credit for you get interest is $ 500.00. Expect to get 5 % interest back into your account.
a credit card that is secured by a deposit of your own money
Yes, the fact it is "secured" is what that means.
A secured credit card requires a security deposit. An unsecured credit card is the traditional credit which does not require a security deposit.
A consumer credit card is issued to you on good faith that you will build debt and pay it off. A secured credit card is issued to you for the amount that you deposit into a secured savings account. The debt you charge to your card cannot exceed the amount that you have in your account. Once you show good faith that you are responsible enough to maintain your credit to debt ratio and pay your bills on time, the company may offer you a consumer card in place of the secured card. A secured credit card is a great way to establish credit.
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
No, you have to deposit money in the account first, after that they give you a credit based on the amount you deposited. But the deposited amount stays in there until they change it to an unsecured card.
When you have cash deposit credit adjustment how do you post it to ledger account
There are two* types of credit cards, secured and unsecured. Usually the best credit cards for rebuilding credit are secured credit cards. They work just like an unsecured card, but you need to post a security deposit against a secured card in addition to any annual/monthly fees. One secured card that stands out is the Capital One Secured Card, since the annual fee is reasonable and the security deposit can be as low as $49 for a limit of $200 (terms may change, this statement is as of this writing).Most secured credit cards require a deposit that will match your credit limit. Noted cards that give a limit equal to the deposit include the Platinum Zero Card from Applied Bank and Open Sky Secured Card.* in reality, there are three different types. Along with the two types mentioned, there are partially secured cards. These cards may not necessarily require a security deposit equal to the limit. However, these are usually classed amongst fully secured cards since a deposit is still necessary.
Secured credit cards require that you supply a cash deposit as collateral that becomes the actual line of credit. When first establishing credit or reestablishing credit secured credit cards are an excellent method to use and most banks will be able to provide information on the secured credit cards they offer.
Just about all of your major banks offer them. Capital One, Bank of America, etc. Make sure that when you do apply that your deposit gets secured in a FDIC insured account.
Secured accounts are secured by a deposit. The bank would then extend a credit line - usually an amount from 100% to 200% of the deposit. For instance a $500 deposits would generally get you a $500-$1000 credit line. You likely will earn interest on your deposit and be considered for an unsecured line after a certain amount of time.
People can get themselves into trouble with credit cards. That said, credit cards can be a powerful financial tool if used properly. But what if you don't have significant credit history to qualify for a card – or you have the kind of history that you wish you could just forget about?If you've had some issues with debt in the past and find yourself unable to get a loan or a credit card it may be because your credit history is "damaged". Not to worry; there are things you can do to repair your credit history. One of the steps available to you is to obtain a secured credit card. (This technique also works to initially establish a credit history if you need to do that).But, you say, I've tried getting a credit card and I was turned down. Well, a secured card works a little differently than a traditional credit card.Here's how it works:You make a deposit of collateral into a savings account tied to the card.The secured card is issued to you with a credit limit equal to your deposit.The deposit you made becomes frozen in the account until your credit card account is closed. Neither you, nor the creditor can touch it unless certain criteria are met.So essentially what is going on in this transaction is similar to what happens when a bank issues a loan for which it requires you post collateral. The deposit you make into the savings account protects the creditor against financial loss should you walk away from the account, deciding not to pay. Should your credit account become uncollectable the creditor then has the right to invade and confiscate the deposit account balance.If you're interested in finding out more about this option, I will be posting some additional detail in my next post. To get started with secured credit cards ask someone at your bank to get you pointed in the right direction.
A "secured" credit card is one for which the holder has made a deposit, usually in the amount of the credit limit on the card. This insures that the issuing bank is not out any money if the holder defaults; they just keep the security deposit in that case.
Presumably your talking about a credit in a general trade or deposit type account, (not a payroll matter, rent deposit or something on the priority list), it is simply an unsecured non-priority claim.
it is a credit. Depositing money into an account is putting money in.
Credit can be received online in the forms of credit cards. If you have got a bank account, the credit card can be applied online filling out forms or on other hand you can apply for secured credit card that requires to make a deposit to receive a credit limit.
Credit cards after a bankruptcyOne can get a credit card after bankruptcy but I believe it has to be a "secured" credit card as opposed to an unsecured one. You will also have to be aware of secured credit card scams. There are compaines out there who know people are in unfavorable financial situations and will take advantage.Defintions of secured credit card I found on Google are:1.A credit card obtained by opening up a savings account with a bank offering this program. The bank will issue a major credit card and secure it with a deposit2.A credit card backed by collateral, usually cash in the form of a bank deposit account.3.A consumer uses savings or cash deposit to guarantee the credit card or loan; the limit of credit is based on the amount of deposit available.4.A credit card secured by a savings account that has been established in advance by the borrower. The amount in the account usually determines the limit on the credit card. These accounts present no real risk factor for creditors and are therefore much easier to obtain.--------------Yes you can, after all they issue Credit cards to Dogs and Dead people all the time... Odds are you'll have to get a secured Credit Card, where you are effectively borrowing your own money.My question is why would you get another Credit Card after going through Bankruptcy? Borrowing money hasn't been a blessing to you so far. If you continue down the same path you will continue to get the same results.-Goose--------------------------------------------------------------------------------------------Goose you dont know his situation so shut the trap ..Yes you can get a secured card thet is the begining of a fresh start, make payments on time and little by little they will offer you more credit, once it goes unsecured you can stop the credit increased at any time like lets say $ 200 dollars and use it for car rentals etc good luck to you !
== == One great way to repair or build credit fast is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 - $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks. == ==
No - in most cases. As long as the credit card issuer can determine your credit worthiness, it doesn't matter where your bank account is. There is one exception. If you apply for a secured credit card, you must keep a 'security deposit' of a certain amount in the institution chosen by the credit card issuer (usually their own bank).
Rebuilding your credit is not an impossible goal. The best way is to start out with two or three secured credit cards. These are cards where you send in a deposit and the company sends you a credit card in the same amount. While it is not actual credit, it will go on your credit report as a credit card and your timely payments will help improve your score. As you keep up with the payment on your card, you may even get your deposit back and receive credit line increases. Due to the secured nature of these cards, most people can qualify for them.
A secured credit card is a credit card for people with poor credit ratings that must deposit the desired amount on money before using the card. The card is similar to a pre-paid credit card that allows credit ratings to get better.
I would check with your lawyer. Different states have different guidelines to how much you are allowed to deposit. In the state of Virginia you have to notify the trustee for anything over $500.00AnswerWhile you are in a chapter 13 you can contribute as much money as you want. Like a chapter 7 a chapter 13 is a snapshot of what you were going through on the date you filed. What you do after that is your business. You can save as much money in the bank as you like, buy a new car with cash, and open a secured visa with a $5,000 deposit. There are certain things you cannot do without the approval of a trustee such as buy a home, finance a car with a loan, contribute to 401K and make purchases on an unsecured credit card. I got around this by having my mother open a credit card account with bank of America and ordering an additional card with my name on it. I have a credit card with a nice limit and 0% APR. I am not responsible for the bill and it does not appear on my credit report. I just have full access. I am currently building my credit with two secured visa's one from First Premier and American Pacific Bank. I think it will be a lot harder to do things like this when the new laws are passed later this year.
Secured credit cards work essentially the same way that unsecured credit cards work, as far as using them to pay for items. The difference is in the way your account works, which is vastly different from the way a regular credit card account works. Secured credit cards are intended for individuals who do not qualify for unsecured credit cards. Either they have no credit built up or their credit has been damaged. These cards are secured because the card holder is required to put up a cash deposit in order to qualify for the card. The credit amount is usually equal to the deposit, which is usually somewhere between $300 and $500. One of the advantages to using secured credit cards is that by paying your credit card bills on time, this practice can lead to obtaining an unsecured credit card. In fact, this is one of the questions consumers should ask the issuer before accepting this type of credit card. Not all issuers will convert the account to an unsecured one; however, many of them will after a period of time, usually about a year. In this way, secured credit cards can help you to rebuild your credit. Another thing to ask the issuer about secured credit cards is whether they report to all three credit bureaus. Since most people who obtain these types of credit cards are interested in rebuilding their credit, it is to their advantage that the issuer report the account to all of the credit bureaus. If they do not, you may want to look for another offer. As with other types of credit cards, there are good and bad secured credit cards. Some of them demand exorbitant fees, so that by the time you are issued the card, much of your deposit has been eaten up by fees. This is not the case with all of them, so be sure and read the fine print so that you will understand just how your deposit will be used and how much in fees you will have to pay. While all secured cards have an annual fee, not all of them have an application fee. For those who have damaged credit, this can be a relatively painless way to repair your credit. Not only can this type of card lead to a regular credit card, but it can improve your overall credit score as well.