The Secured and Damaged Credit
Most people end up with a damaged credit when they
experience a financial difficulty. Having a damaged
credit can make it hard for you to obtain a new one.
Those credit mistakes you made in the past can be
nearly impossible to live with, especially when your
new creditors and lenders are reluctant to provide you
with a second chance. And so, in order to reestablish
your credit, but cannot obtain a credit card, you only
need to get a secured credit card.
The Secured Credit Card
The secured credit card is not that different from the
regular credit card. It operates just like the usual
credit card but it requires you, the cardholder, to
make a deposit against the credit limit of the
account. The deposit is utilized by the creditor as a
security in case you default on your payments.
Usually, secured credit cards have a credit limit of
50% to 100% of the deposit you make. For instance, if
you make a $1000 deposit for the secured credit card,
the credit limit will be between $5
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