== == 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. == ==
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.
Its an agreement generally used to perfect a security interest on a depository account maintained at a bank, where the owner of the account becomes a debtor to a third party (Secured Party), and gives them authority to have disposition over the account. The owner of the account will have no saying on the account, the Secured Party will provide instructions as to what to do with the funds, and the bank or depository financial institution control the funds and acknowledges that they will only follow instructions of the secured party. The documents will be signed by the Secured Party, the depository entity (Bank) and the owner of the account, (Debtor to the Secured Party).
This gets a bit trickier. With many secured credit cards the answer is "No", if you want the money from the savings account back you need to let all of your charges on the secured credit card clear, close the card and than close the savings account and get your money back. Often you maintain the ability to withdraw some money and reduce your credit line, but do not count on that option from all secured cards. In no case would you be allowed to withdraw so much money that your savings account dropped below the minimum set by the bank to establish such an account.
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.
Yes, the fact it is "secured" is what that means.
Term deposit is a type of deposit that benefits you with interest. It is a type of savings account where you are able to channelize your idle fund for a stipulated period of time and gain profit. This is nothing but a fixed deposit account, the best and the most secured way of savings. Different Banks like PNB, HSBC, SBI and NBFCs like Tata and Bajaj Finserv Fixed Deposit Scheme exactly offers you that. Fixed deposit gives the certainty of higher returns on investment. It gives the assurance of fixed credit after FD maturity. This term deposit is not only beneficial to get a high credit but also useful to be used as a collateral for getting loans from the lender.
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.
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 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.
a credit card that is secured by a deposit of your own money
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.
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.
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.
This is not a question. If your question is, "What happens when the trustee moves the Court to declare a secured claim withdrawn," then one should object, particularly if the secured creditor still has a claim. If this is chapter 7, a secured creditor has no claim except on its collateral. In chapter 13, fight for your claim.
A chapter 13 is a consolidation bankruptcy meaning the debtor presents a repayment schedule to the trustee/court. Secured debts are either reaffirmed or continued paid as agreed if there is not arrearages. Voluntary forfeiture of secured property such as a vehicle is still considered a repossession.
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 !
I got the HSBC Orchars Bank Secured Credit Card to help rebuild my credit. Your credit limit is the amount of your deposit. If you give them 200 they take that 200 and put it into a savings account which grows interest. (A little but at least its something). Then they give you a credit limit for 200. What I like is that it does not report as a secured card. So far I have had no problems. =) Here is the site www.orchardbank.com. If your credit is not that bad you might even get approved for the regular card.
A secured personal loan is a fixed interest rate loan in which you provide collateral or savings account, stocks, bonds, etc. to receive the loan. The price range depends on how big your loan is and what you have to put up for collateral, so there is no fixed price range.
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
A secured credit card requires a security deposit. An unsecured credit card is the traditional credit which does not require a security deposit.
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.
You can help improve your credit by getting a secured credit card. You have to deposit a small amount of money in a savings account and that is your credit limit on the card. You only want to put $200 to $300 in the account. Continue to pay whatever credit cards you have on time. But definetly order a credit report from all three bureaus and check for errors. If you find an error or something suspicious file a dispute. Over time all of this will help improve your score.