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maddoxdoris | What is the difference between a secured and an unsecured credit card? |
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ubathby
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You have to put money down or attach a bank account to a secured credit card. |
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hateizmybestfriend
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Unsecured you don't have to put any money down on it to get it. |
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TigerLilly
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secured means you have to deposit money towards it, unsecured means it's just based on your good credit. |
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Soleil
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A secured credit card is a card that is secured by some sort of collateral...., usually cash. So for example.. if you request a $500.00 limit on your credit card..., you will have to come up with $500.000 cash to use as collateral.., in the event you start defaulting on your payments, the bank is guaranteed to get their money from the money you've put up. A non secured is just the opposite... the bank will extend you a line of credit based on your credit history. Secured credit cards are usually requested by people who have bad credit or no credit. |
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Johnny
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You have to secure the amount on the card with your own money but it allows you to use there credit and there card to build your own. |
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this_isridiculous
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A secured card requires you to put up the amount of your credit line as security. In effect, you write a check and the company issues you a card for the amount of the check.
You can use the card just like any other credit card. With time your limit may be increased without additional security or you can usually increase your limit by adding additional cash to your card.
The benefit of this type of card is that it's a credit card which gets reported to the credit beaureaus just like any other credit card. Whether it's secured or not. And it can be a good way to build credit.
A regular credit card is different. It's issued by a bank or store in good faith and without any type of security other than your good credit or the good credit of a co-signer.
If you don't have much or any experience with credit, you're better off going for and being accepted for a secured card. Just use it responsibly and pay on time. Then when some time passes, other credit companies will be able to view your track record with that card and will be more willing to offer you unsecured credit in the future.
Applying for an unsecured card with little or no credit experience isn't a good idea because each application will place an inquiry on your credit report. If you have too many inquiries on your credit report and not enough credit issued to substantiate them it's the same as having a bunch of "no's" on your report because that's what they are if no credit is issued after the inquiry is made. So to get a "yes" right off that bat it makes sense to go for the secured card for new users of credit.
Good luck! :) |
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not2nite
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Secured is like pre-paid. You put money on it, and if you spend it, it's gone. |
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mom of girls
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A secured credit card is one where you have put the money in and can only use to the amount of money you have put on it. Unsecured means that there is nothing to back up the creditor should a person default. In the case of the secured card, the creditor can get all the money they lent back, just by taking the money and closing the account. But if a person defaults the creditor loses money. |
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dogamals
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An unsecured credit card is when they give you credit to suck you in. Secured credit is when you put money in the bank and get a credit card for that account only. |
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Kelly me
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You pay a deposit on a secured card. If your credit is bad you can't have an unsecured card if your credit is bad. |
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coolwhipping
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One is secured and one isn't....lol. |
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quetal c
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one is not secure |
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