To get an education loan, buy a house, or purchase a car you must have a positive credit score. With a bad credit score, you may not be able to avail of a loan. But even if you have a bad credit score you can choose an alternative option. This option is a secured credit card option. Let me share the secured credit card meaning below in detail.
Get your home loan sanctioned with less paperwork through NoBrokerWhat does secured credit card mean?
A secured credit card is similar to a traditional credit card. The main difference between a secured card is that you pay a cash deposit instantly to guarantee your credit line.
In the case of secured credit cards, the security deposits act as a safeguard for banks to cover any expenses if you miss any payments. Making payments monthly on time is extremely crucial if you opt for the secured credit card option. If you fail to make your payments the lender can keep your deposits.
Is getting a secured credit card a good idea?The answer would be yes! Secured credit cards help to improve credit history or help in building a new credit history. Since the lenders take a deposit while providing a secured credit card, secured credit cards have lenient approval requirements therefore it is easily accessible to borrowers with poor credit scores.
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Authors Of The Question
What is a secured credit card?
jailaxmi
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2 Year
2022-11-15T09:57:07+00:00 2022-11-15T09:57:08+00:00Comment
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