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Secured credit cards require a deposit to act as collateral against one defaulting on payments. This type of card is especially welcomed by those who have poor credit rating, who are more likely to be accepted for one as the cardholder is taking a bigger risk by offering up a deposit.
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What are the disadvantages of having a secured credit card?
The main disadvantage to using a secured credit card in place of a traditional credit card is the fact that you have to have the money in advance for any purchase you want to make. While this is an advantage when considering your credit score, it is also a disadvantage in the event of an emergency situation.
What credit cards can you get with a score of 524?
Assuming your asking about Credit Cards, you would probably only qualify for secured credit cards. You would need to put down a deposit equal to the credit limit on the card. If you want an unsecured credit card, one where a deposit is not required, you will have to fix your credit and improve your credit score.
How to rebuild credit after bankruptcy?
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
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.
If you did not pay your credit card what happens?
the credit card company sends people to get their money i would want to pay them.
Is it difficult to obtain an international credit card?
Most international students find it difficult to get a credit card in the U.S. because they have not established a credit history and because they are not U.S. residents. For newly arrived students, you may want to try using a "secured credit card". These cards offer some of the conveniences of a credit card, except that you secure your credit card with a deposit that becomes your credit line. The best part is that your secured card is reported as a regular credit card on your credit report. Check with your bank on the secured credit card.
What are the disadvantages of having a secured credit card?
The main disadvantage to using a secured credit card in place of a traditional credit card is the fact that you have to have the money in advance for any purchase you want to make. While this is an advantage when considering your credit score, it is also a disadvantage in the event of an emergency situation.
What credit cards can you get with a score of 524?
Assuming your asking about Credit Cards, you would probably only qualify for secured credit cards. You would need to put down a deposit equal to the credit limit on the card. If you want an unsecured credit card, one where a deposit is not required, you will have to fix your credit and improve your credit score.
How to rebuild credit after bankruptcy?
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
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.
I want to buy something online but i dont own a credit card is there such thing as a credit card where i could put money on whenever i want and if so where can i get one?
It's called a secured credit card, you can search that term, but they work pretty much the same as an atm card, except they may drop the security requirement in the future, but if you care credit worthy, you will get offers anyway throught the mail eventually
If you did not pay your credit card what happens?
the credit card company sends people to get their money i would want to pay them.
Whats the best credit card to get if you want to improve your fico score?
If you do not have any credit cards then your best card is a bank card, or if you do not have credit at all then open up a secured line of credit with your local bank. Deposit a minimum of $200.00 from your own funds, and only use up to 30% of the credit limit; which is $60.00 in order to have a credit score that is above avarage.
How do you get a Credit card for with no credit history?
You need to start with a secured credit card. As long as you place a minimum security deposit of $200 you are guaranteed approval for a secured card. In addition, after you place the security deposit a secured credit card works in an identical way as a regular credit card. The only difference is that when you close your account and assuming you are not late on any of your payments you get back your security deposit :) Do not confuse secured credit cards with prepaid cards. Prepaid cards or prepaid credit cards are debit cards that are for people that do not want to get a traditional checking account with their bank. Finally, you do not build credit by having a prepaid card but you build credit by having a secured credit card. I went to a jewelery shop (Crescent Jewelers) and I bought jewelery and they asked if I wanted to pay in payments. I applied and it helped me a get a credit card down the road. If you don't want jewelery try buying a gas card (not prepaid) or something small and simple. And don't miss the obvious card, your bank! (they should have one.) Virtually any adult can apply for a credit card. You will need your name, date of birth, address, and social security number. However, just because you apply for a credit card does not mean you will be approved. You must have a co-signer to add you as an authorize user to establish a form of credit. From their your credit will take some time to build up. I have never had a cosigner. A good spot for a first card is a place like Orchard Bank or some department store card. You will receive a low limit at first and with quick payment and responsible use, you will have a good credit report in no time.
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A business or individual can obtain a secured line of credit by using assets as collateral.Are you looking for a secured lines of credit? You searches ends here.Checkout the website of BluePrint 4 Credit for an outstanding Credit score experience.
Can you get a credit card with a score of 562 and salary of 40K?
Sure you can. You can get a credit card if you have a credit score of zero. The thing is, some of them will ask you to have a secured credit card. Meaning, you give them for example, $300 and your credit available is for that amount. Or maybe you give them the $300 and you get it doubled in credit available making you have $600 available. I would suggest signing up for a few credit cards making sure of the annual fee and interest rates and if you get denied for the credit cards without them being secured, maybe try a secured card, it will help build up your creidt if you pay on time. But I have heard that you are better to get a secured card from a local bank, because sometimes if you get one out of state if will cause problems. Also, if you want the card for convience of getting stuff online etc., then you can get a prepaid credit card. I got one from Ace. They let you put however much money you want on the card and you don't pay interest on the money you use. If you go to buy something and you don't have enough money on your card, it don't penalize you like most regular credit cards. But if you are looking for real credit, I would just sign up for some cards, they say it's easier to get gas cards or dept store credit cards, such as a lowes card. They have books at the library telling you how to make your credit score go up. There is a lot to it. But I do know one thing, if you try to get a loan and you have a lot of people pull your credit report or score, and you end up not getting a loan in a specified amount of time, it will cause your credit score to go down. I don't know if it works the same way with credit card companies, but you may want to find out before you try for lots of cards then find out later that it caused your score to go down.
Is it good to have a low interest credit card?
Yes it would be good to have a low interest credit card. If you are a large spender and cannot pay your debt in a timely manner you would want a low interest credit card.
