What are Secured Credit Cards? | Secured Credit Card Tips

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What are Secured Credit Cards, and what would you even need a Secured Credit Card for – in this video.

Before we dive in the Secured Credit Card topic, we first need to recall what is a Secured Debt, in general. If you haven’t watched my video on Secured Loans – definitely check it out, since it will help you understand the terms that I use in this video, as well as to see the complete picture of the Secured vs UnSecured Debt concept.

When you borrow money from the bank, for example, you need to prove that you are able to pay all that money back. And as I said in my Secured Loans video, Secured Debt is always “covered” by an Asset that you own, also known as a Collateral.

When you have a good Credit History and a high Credit Score, you can get a nice Credit Limit and not worry about what are secured credit cards and presenting any of your Assets to the lender.
But what if you have a low Credit Score? Or no Credit Score at all? What if you have no Credit History for whatever reason? How to build credit, when you have none?

This one of those cases, when you consider getting a Secured Credit Card – this is one of the easiest and most straightforward ways to establish, build and improve your Credit Score! It’s the best type of Credit Card for people in this situation to build an impressive and perfect credit score.

In the world of Secured Credit Cards, your Collateral is the Refundable Security Deposit, and your Credit Limit depends on the amount of that deposit.

Here are 5 main reasons to get a Secured Credit Card:
1. A Secured Credit Card has a Credit Limit set by you and it prevents you from spending more than you can afford to repay.
2. Secured Credit Cards have pretty much 100% approval, since the lender is risking very little by providing your with a card that is backed by your own money.
3. Secured Credit Cards build Credit Score. Just like Regular Credit Cards, they report your payment information to the major Credit Bureaus, which helps your Credit History and Credit Score. You can’t do this with Debit Cards or Gift Cards.
4. They are way cheaper and easier to understand than regular Credit Cards for people with bad credit.
5. Secured Credit Cards have Benefits, similar to the regular Credit Cards. Your Secured Card may have zero damage and fraud liability, extended warranty coverage, and even rental car insurance. This one here alone is a great reason to get any Credit Card instead of a Debit one.

One of the questions you may have at this point is How Much money do you need to Have to get a Secured Credit Card? And the answer is: it doesn’t really matter, since the minimum deposit requirements range from $50 to a few thousand dollars.

Another important thing to remember is that your Secured Deposit is not used to pay off your Secured Card balance. Your Security Deposit is used ONLY for the size of your Secured Credit Card Credit Line.
You get your Security Deposit back when you close this account, or when bank is happy with your timely payments and wants to upgrade you to a regular Credit Card.

Some good options for a secured credit card are Discover It Secured Card and Amazon Credit Card (a.k.a. Amazon Secured Credit Card). These two are pretty cheap and easy to use.

Also, here are Secured Credit Card Tips to get the most out of your Secured Credit Card:
1. Always pay on time to get a flawless Credit History.
2. Pay in full every month to avoid interest.
3. Don’t use the entire Credit Limit. For best results, the general rule of thumb is to use no more than 30% of your Credit Limit.

I hope you take my secured credit card tips seriously, and use your Credit wisely!

And how do you feel about Secured Credit Cards? Have you ever had Secured Credit Card? Do you think there are better ways to build or improve your Credit Score? Tell me in the comments below, and remember to check my other videos on this channel!

Hopefully, this answers to, what are secured credit cards, in full!

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How to Get Out of Secured Debt, What are Secured Credit Cards? | Secured Credit Card Tips.

Your Own Debt Freedom Plan

No recent revolving balances – You do not have any activity on your revolving accounts. Charge card, and revolving credit in basic, can be both a curse and a blessing. Divide that number by the twelve months in a year.

What are Secured Credit Cards? | Secured Credit Card Tips, Search most shared high definition online streaming videos about How to Get Out of Secured Debt.

Handle Your Cash For Financial Obligation Totally Free Life

The minimum payment is the quantity the business needs from you on a regular monthly basis. Handling credit card debt is a fantastic method to improve your credit rating. Therefore a credit limitation is specified for you.

There are 2 types of debt, and some extremely reliable ways to eliminate them. That’s what this post has to do with: what secured and unsecured financial obligations are, what insolvency is, and how to submit to successfully discharge all your significant debts. This guide defines crucial terms in order to make the procedure simpler.

Secured Debt consolidation loan can be taken supplying any of your properties. The asset can be your cars and truck, house, residential or commercial property documents and much more. The amount you select can be used to combine your financial obligations that may be your charge card financial obligations, individual financial obligations, company financial obligations and much more.

I know you might be believing, “What does he imply by ‘good idea’, my debt is killing me”. Well the word great is probably not the very best word however let me discuss. If all your debt were protected (by security) your financial institutions might quickly recover the amounts owed by declaring these items of security.

The way this mode of insolvency works is relatively simple in style and idea. It can be thought about a type of liquidation personal bankruptcy. That suggests that all properties that are not exempt will be offered (liquidated) and all cash created from the sale will then go to those debtors that are owed money. Undoubtedly, there is more to the procedure than this however that is the most simplified explanation of how it works. If the liquidation leads to a complete reward of all debts owed then the person that has actually applied for personal bankruptcy security will be Debt Free.

The other percent of the credit rating is based upon how much you really owe on your Revolving Debt and this might be in kind of charge card; at least this is the most typical one. , if you have used more than 30% of your total credit offered on your credit card your score will go down.. Being over the 30% limitation is a sign that you are likely to max out your credit cards.

This might sound weird to you but you can’t have good credit without financial obligation! It’s not possible. Not with the method our current credit system is established. Your credit report is essentially a record of the loans/credit you have been provided. Your credit score is a number representing how well you have dealt with those loans. Because you enter into financial obligation when you take credit or get loans, your credit rating is a reflection of how well you have managed financial obligation. A high score implies you are good at dealing with debt (up until now that is).

If you are considering getting a home equity loan, use your loan carefully. Miss 3 successive payments and your home could enter into foreclosure. If utilized correctly, it can maximize hundreds of dollars per month, entitle you to a tax reduction and assistance protect your monetary future.

No one must need to hardly live paycheck-to-paycheck, or not pay one bill to cover another. You might also think about throwing out any existing credit cards that you have. These are 6 effective ways on how to live a debt-free life.

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