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October 23rd 2003

Secured Credit Cards

Author: Mike Wilson

Secured Credit CardsSecured Credit Cards can be a great way to improve or repair your credit. Most people don't even know what is the difference between a secured credit card and a unsecured credit card. But don't worry is here to help you! When you normally sign up for a credit card you get a credit limit based upon your credit rating and that is only if you are approved for the credit card itself. Secured credit cards are a little bit different.

Secured Credit Cards Work Like This:

When you apply for a student credit card they also want you to put down a deposit. When people initially see that they have to put money down they are turned off by secured credit cards. So that is the downside. But the upside is this, your deposit will set your credit limit. This means that if you choose to put down $500 your credit limit will be equal to $500. This DOES NOT work like a Prepaid Card where once that $500 is up then you have to put another $500 down. The reason you are giving them money to set your limit is so that they have money to cover your whole credit limit. This makes secured credit cards easy for people with bad credit to get approved for. Also it will be great for your own budgeting, you will already have enough money saved to cover your whole balance on your new credit card.

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Don't keep applying if you're declined. Too many applications will guarantee you to get declined. Creditors look on your report to see how many times you've applied. Pick the ones you think you can really get approved for.

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