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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.

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โˆ™ 2014-09-18 00:20:51
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Q: While in a chapter 13 how much money can you deposit in a secured credit card savings account?
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What is the fastest way to raise your FICO score?

== == 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. == ==


How much money do I need to deposit for a secured visa credit card and what are the interest rates like for them?

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.


How can i use term deposit as collateral for credit?

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.


Can you withdraw the money from your credit card account?

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.


What is the Difference Between a consumer credit card and a secured credit card?

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.


What is the difference between a credit card and a secured credit card?

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.


What is a deposit account control agreement?

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).


Do you have to put a deposit on a secured credit card?

Yes, the fact it is "secured" is what that means.


Which Banks offer secured credit cards?

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.


While in a chapter 13 how much cash are you allowed to deposit in a secured credit card savings 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.


What is a secured credit card?

a credit card that is secured by a deposit of your own money


Secured Credit Cards - Part 1?

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.

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