This page links to all of the Articles in the Blog. Credit Basics What is Credit? What is difference between your Credit Report, Fico Score, and your Credit Karma Score? Why is your Credit Score Important? How are Credit Scores Calculated? Where to get your Credit Report/Score for Free Why are Credit Cards Important? Debit Card Advantages and Disadvantages Debit Card Debacle Debit Card Fees The Credit Card Minimum Payment Trap Student Loans and Debt Building Credit Building Credit with No Credit History What is a Secured Credit Card? Secure Credit card Special Note What is a Credit Builder Loan? What is an Authorized User? How do Airline Miles work? How to choose a Bank or Credit Union Managing your Credit No Grace Period or Float for You Managing your Credit Cards with Auto pay Credit Card Cash Advances Zero Percent Credit Card Offers The Tenth/Twenty-fifth Credit Card Game OOPS I missed a Payment How the Minimum Credit Card Payment will Break You Credit Card Statem...
What is a Secured Credit Card? A secured credit card is a type of credit card that requires a cash deposit to be made when you open the account. The deposit acts as collateral for the account, and the amount of the deposit is usually equal to the card's credit limit. Secured credit cards are reported to the three major credit bureaus, so responsible making payments on time will help improve credit scores over time. Using a Secured Credit Card For most people a Secured Credit Card is used to start their credit journey or to start rebuilding their credit after a significant Credit problem. You must pay your Secured Credit Card bill on time. Even though you made a $500 or $1,000 deposit to get your Card you must pay your regular bill on time. Remember you will be rated by the Secured Credit Card Issuer on whether or not you make your payments within the allowed payment time. Normally you will have Twenty One to Thirty days to pay your bill from the...