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When credit cards are considered secured debt, it means that the credit card company can seize and sell the collateral (such as a house or car) if the cardholder fails to repay the debt. This can have serious consequences for the cardholder, as they risk losing their valuable assets if they are unable to make payments on their credit card.
What else can I help you with?
Where could one buy a secured Visa credit card?
One may obtain a secured Visa credit card direct from the US Bank. A secured Visa credit card is suitable for people who have bad credit scores and are looking to obtain credit while preventing their score from being further damaged.
What do you do if you have virtually no credit history but are being refused credit?
First of all stop applying for credit before you have to many inquiries which you may already have. Save up around $200.00 to $500.00 and obtain a secured visa or mastercard. Go to bankrate.com and look up a secured card that is right for you. Make sure that it does not report to the credit bureau as secured because this will hurt your score. After abour six months you will be able to obtain an unsecured card. Do not immediately close the secured account. Keep it open for a while to continue to help build your credit. Use it only as a credit builder and do not max it out for any reason.
What is considered a high credit score?
A high credit score is typically considered to be above 700, with scores above 800 being considered excellent.
Is a mortgage considered an unsecured loan?
No, a mortgage is not considered an unsecured loan. It is a secured loan that is backed by the collateral of the property being purchased.
Is a land loan considered a mortgage?
Yes, a land loan is considered a type of mortgage because it is a loan that is secured by the property being purchased, similar to a traditional mortgage for a home.
Where could one buy a secured Visa credit card?
One may obtain a secured Visa credit card direct from the US Bank. A secured Visa credit card is suitable for people who have bad credit scores and are looking to obtain credit while preventing their score from being further damaged.
What do you do if you have virtually no credit history but are being refused credit?
First of all stop applying for credit before you have to many inquiries which you may already have. Save up around $200.00 to $500.00 and obtain a secured visa or mastercard. Go to bankrate.com and look up a secured card that is right for you. Make sure that it does not report to the credit bureau as secured because this will hurt your score. After abour six months you will be able to obtain an unsecured card. Do not immediately close the secured account. Keep it open for a while to continue to help build your credit. Use it only as a credit builder and do not max it out for any reason.
What is considered a high credit score?
A high credit score is typically considered to be above 700, with scores above 800 being considered excellent.
Is a mortgage considered an unsecured loan?
No, a mortgage is not considered an unsecured loan. It is a secured loan that is backed by the collateral of the property being purchased.
Is it possible to get a bad credit history from being denied a credit card because you did not have a credit history?
It is possible that you will show a low credit score if you have no other loans, credit cards, etc. You have to have revolving accounts or other accounts to establish credit. If you are having trouble getting a credit card you can try and get a secured credit card, or have a co-signer help sign with a application for credit.
What are the interest rates on the Orchard bank credit cards?
Orchard bank has different ways in which they issue credit cards. The cards are either secured or unsecured. A secured card has rates as low as 7.90% because the borrower is required to put a deposit down up front before being granted the card. The unsecured cards range from 14.9% to 19.9% depending on one's credit score.
Which is better a line of credit or equity loan for 2000000?
Both are often used. You do want to be sure that if it is being secured with a home that the interest on the loan is tax deductable.
Is a land loan considered a mortgage?
Yes, a land loan is considered a type of mortgage because it is a loan that is secured by the property being purchased, similar to a traditional mortgage for a home.
Is 787 a good credit score?
The credit system is rated on a numerical system with the lowest numbers being considered the worst. Any score over 720 is considered an excellent credit score, so yes 787 would be an exceptional credit score.
Is 787 credit score good?
The credit system is rated on a numerical system with the lowest numbers being considered the worst. Any score over 720 is considered an excellent credit score, so yes 787 would be an exceptional credit score.
If you did not put up any collateral on a debt or have a signed agreement to a debt can the debt for any reason be considered secured?
The debt cannot be considered secured. However if you fail to pay, you may have a bankruptcy petition to face which could result in your goods and property being sold to pay the debt.
What is a good range for your credit score?
Credit scores of 620 and lower are average to sub-par. When your credit score reaches the 700s it begins to be considered good credit with about 750 being excellent
