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Secured Credit Cards- Consumer Tips
By Amy Cooper-Arnold
Secured Credit Cards- Consumer Tips
by: Amy Cooper-Arnold
Whether you have no credit or damaged credit, secured credit cards are a good tool for building a good
credit history.
Several months ago Tom, a member of CreditBoards.com, filed for a Chapter 7 Bankruptcy. Now he is
in the process of rebuilding his credit history. It’s a task that is not easy, but with patient persistence he
is seeing progress already. Daily he checks his credit score and is slowly seeing improvement. 1 In
addition to correcting every mistake, even the smallest ones, on his credit report, he is using a secured
credit card. 2 This secured card is an important tool in the overall process of building or rebuilding
credit.
Who should consider a secured credit card?
Someone who has no credit history.
Someone with a damaged credit history.
What is a secured credit card?
Secured cards are credit cards opened with a deposit into a savings account, money market or
certificate of deposit. The amount of deposit required varies from card to card, but generally minimum
amounts range from $250 - $500. These funds are considered your security and will even earn a little
interest since they are being held in a savings account. Your credit limit is determined by the amount
you deposit into the savings account. Sometimes the limit will be for the full amount of the deposit;
other times it will be a percentage of the total.
It is important to keep in mind that a secured card is