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 $500 and $1000.
More so, these kinds of credit cards normally have fees that regular credit cards do not have. These fees will include processing fees, application fees, and annual...
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