Secured Credit Cards?

[cyberdog22]

I never used one myself. I only just recently heard about them and people using them as a means to improve credit scores. Does anyone know anything about them? - Like which ones are best? - Or what to look out for when applying to them?

I want to improve my scores since they have dropped a bit this past year.

 

[ahmedo24]

I suppose you mean these are advanced credit cards that can't be easily hacked as the other ones, if they are then it a good move because this eliminate internet fraud that most people have feeding on.

 

[Sincerem]

Hmm, I heard about such too, I understand little about it, even when my country don't make use of it. I hear them say, it gives higher score to acquire double loan request with a credit card. You can also try to make more research on your own to know more truth about it.

 

[cyberdog22]

I suppose you mean these are advanced credit cards that can't be easily hacked as the other ones, if they are then it a good move because this eliminate internet fraud that most people have feeding on.

These are cards that you pay for upfront. So you give them a set amount, whatever they allow as your limit, and then you are able to use the card like a normal card. When you are finished with the card and close it, you get refunded the money you paid upfront. It is like renting when they ask for a refundable pet deposit.

 

[Kamon c4]

Before credit card is issued to anyone, you must have a good credit score. The credit score will determine the credit limit on the credit card and yeah it’s true people builds credit score with credit cards

 

[WhiteHouse]

A secured credit card is issued against a cash deposit.
These cards are designed for people who are trying to build credit but do not have access to a regular (unsecured) credit cards since they haven't yet established enough credit score.
You can walk to your bank and ask for more details on this