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Credit card — Personal finance Credit and debt Pawnbroker Student loan Employment contract Salary Wage Empl … Wikipedia
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credit — an entry made on the right hand side of an account and indicating a gain to a liability, owner s equity or revenue account. Glossary of Business Terms money loaned. Bloomberg Financial Dictionary * * * ▪ I. credit cred‧it 1 [ˈkredt] noun 1.… … Financial and business terms
Credit — Money loaned. The New York Times Financial Glossary * * * ▪ I. credit cred‧it 1 [ˈkredt] noun 1. [uncountable] COMMERCE an arrangement with a shop, supplier etc to buy something now and pay for it later: • They are saving for new furniture… … Financial and business terms
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secured — protected or guaranteed as in the case of a loan where the lender holds the title of some asset until the borrower has repaid the loan in full. Glossary of Business Terms * * * secured se‧cured [sɪˈkjʊəd ǁ ˈkjʊrd] adjective FINANCE 1. a secured… … Financial and business terms
When should you consider a secured credit card?
If you plan to apply for a school loan, buy a home or lease a car, it helps to have a positive credit history. But if you have bad or limited credit, you’re not completely out of luck. A secured credit card is one option that can help you build—or rebuild—your credit score.
What is a secured credit card?
Secured credit cards function a lot like traditional credit cards. The primary difference is that with a secured card, you pay a cash deposit upfront to guarantee your credit line.
While credit history may be used to determine eligibility for a secured card, the line of credit it offers requires a security deposit. This security deposit acts as a safeguard for banks to cover any purchases, should you miss payments. Making your monthly payments on time is just as crucial with a secured credit card as with a traditional card. Remember, if you default on your payments, the card issuer may keep your deposit.
A useful tool for rebuilding your credit
If you have bad credit, simply relying on cash, prepaid cards or debit cards to make your purchases will do nothing for your credit score because the activity doesn’t get reported to the major credit bureaus. When handled properly, using a secured credit card to help establish or rebuild your credit can demonstrate to your credit card issuer and to the credit reporting agencies that you are a responsible consumer who used credit wisely. To help build your credit—and to avoid interest charges—pay your balance in full every month, before the due date.
Who should consider a secured card?
If you have no credit history, a secured credit card can be a first step to begin building one. If you have a low credit score that makes it difficult to qualify for an unsecured credit card or other loan, a secured credit card can help you rebuild your credit.
How does a secured card work?
Secured cards are issued by most well-known credit card companies and banks. Similar to a credit card, you have to apply for a secured card. Once you’re approved, you can use your secured card for things like buying groceries or for booking a vacation—everyday expenses that you can repay immediately.
Five smart moves for using your secured card responsibly
Slide 1
Before you apply for a secured card, shop around. Keep in mind fees, interest rates and required security deposits.
Slide 2
Don’t charge excessively. Instead, purchase things you can pay off right away.
Slide 3
Set up payment alerts so that you don’t miss a payment. One late payment can hurt your credit.
Slide 4
Set up automatic monthly payments to help avoid late fees and interest charges.
Slide 5
Pay more than the monthly minimum amount owed. If you can, make more than one payment a month.
When will I qualify for an unsecured credit card?
If you use your card properly, your credit score should improve over time. Once your score has improved, you have several options. You can keep your secured credit card, close it out, or ask your issuer about upgrading to an unsecured card, which may be better for your credit score than opening a new account.
What’s next?
Now that you have an unsecured card and have successfully improved your credit, you may qualify for lower interest rates on mortgages, cars and other big-ticket purchases.
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Post by jgreen » Thu Jul 21, 2005 8:44 am
И через сколько реально просить unsecured?
Post by scorpion » Thu Jul 21, 2005 11:18 am
jgreen wrote: Или нужно чтобы у карты был определенный не «идеальный» баланс с месяца на месяц?
И через сколько реально просить unsecured?
Работает как обычная кредитка, т.е. функционально вообще никакой разницы. Все те же принципы по размеру баланса к закрытию. Bank of America, например, эвалюирует secured в unsecured после одного года использования.
Здесь на форуме встречалось много примеров, когда люди получали unsecured и с приличными кредитными линиями буквально через пару-тройку месяцев после получения secured. Правда, в большинстве случаев, не в тех банках, где secured.
Post by CEBA » Thu Jul 21, 2005 11:38 am
Post by jgreen » Thu Jul 21, 2005 11:39 am
Так вот.
Это влияет положительно, отрицательно или вообще не влияет на credit score? Или как то я должен держать дольше, и оплачивать только когда банк «попросит»?
Post by Plato_girl » Thu Jul 21, 2005 12:12 pm
Post by scorpion » Thu Jul 21, 2005 12:41 pm
Post by DimAlt » Thu Jul 21, 2005 12:42 pm
Post by scorpion » Thu Jul 21, 2005 12:55 pm
Как-то проскакивала информация в этом разделе о мифах связанных с этим самым кредитным рейтингом и как он зависит от кол-ва карточек, размеров кредитных линий и их использованием.
На score влияет цифра максимального использования кредита. Насколько сильно, не могу сказать. Важнее, все-таки баланс на момент выписки (statement). Если Вы вычерпываете всю линию почти под завязку и до того, как банк отрапортует о карточке в кредитные бюро, гасите долг, то, поскольку баланс, наверняка, небольшой, это больше плюс, чем минус.
Post by Shin » Thu Jul 21, 2005 1:42 pm
Post by Консультант » Thu Jul 21, 2005 6:40 pm
Post by DimAlt » Fri Jul 22, 2005 10:31 am
Post by scorpion » Fri Jul 22, 2005 10:58 am
Post by Shin » Fri Jul 22, 2005 11:33 am
Post by woody » Fri Jul 22, 2005 11:41 am
Post by CEBA » Sat Jul 23, 2005 10:57 am
Post by cmpekoza » Tue Sep 06, 2005 5:38 pm
а у меня в «рекомендации» к карте был совет банка обнулять баланс каждый месяц (?!)
Post by nsv » Tue Sep 06, 2005 6:06 pm
Кредитная история будет расти если вы будете своевременно платить minimum payment due или больше этой суммы.
Степень роста credit score не зависит от того обнуляете ли вы баланс каждый payment cycle или нет.
Если у вас остается какой-то баланс, то на credit score это никак не сказывается. Зато в этом случае банк на вас заработает, так как на невыплаченный баланс будет начислено сумма равная outstanding balance fee, которая добавится к следующей сумме minimum payment due.
Post by Plato_girl » Tue Sep 06, 2005 6:38 pm
Степень роста credit score не зависит от того обнуляете ли вы баланс каждый payment cycle или нет.
30 процентов FICO score именно отражает соотношение допустимых лимитов и использованых, т.е. если у вас есть 100 долларов лимита на единственной карте и в конце месяца вы получаете стейтмент с 90-долларовым балансом, то это ОЧЕНЬ влияет на «степень роста Credit score» когда банк рапортует в бюро данные на вас. Обнулять совсем не обязательно (хоть и желательно), но держать хотя бы меньше 20-30 процентов очень рекомендуется.
Post by cmpekoza » Wed Sep 07, 2005 8:28 am
влияет в хорошую или плохую сторону?
Post by Plato_girl » Wed Sep 07, 2005 9:12 am
да, история ваша, по самому определению начинается с момента открытия первой кредитной линии. Рост истории определяется возрастом ваших счетов, количеством и величиной кредитных линий, своевременными выплатами (чтоб не было никаких late payments), соотношением использованного лимита к допустимому к очередному стейтменту (именно эта сумма рапортуется в бюро и влияет на ваш рейтинг (FICO score)).
30 процентов FICO score именно отражает соотношение допустимых лимитов и использованых, т.е. если у вас есть 100 долларов лимита на единственной карте и в конце месяца вы получаете стейтмент с 90-долларовым балансом, то это ОЧЕНЬ влияет на «степень роста Credit score» когда банк рапортует в бюро данные на вас.
влияет в хорошую или плохую сторону?
в плохую, в случае если вы используете больше 30 процентов (в среднем) допустимых лимитов.
то, что она Secured для вашей истории и score не играет никакой роли, тем более, что в среднем через год после открытия при своевременных выплатах вам ее скорее всего превратят в обычную. Лучше всего получать баланс на карте порядка 50-150 долл на вашей 500 долларовой карте и выплачивать его к следующему стейтменту, чтоб избежать interest fee.
Post by cmpekoza » Wed Sep 07, 2005 1:00 pm
Post by Plato_girl » Wed Sep 07, 2005 1:16 pm
я так тоже практиковала, т.е. показать банку, что их карточкой пользуетесь и одновременно баланс с закрытию месяца все равно остается небольшим ввиду того, что вы совершили несколько payments в теч месяца.
What Is a Secured Credit Card?
If you have poor credit, or none at all, it can be tough to get a loan or line of credit — even though that may be exactly what you need to up your credit score. Building a record of on-time payments is an important factor that impacts your creditworthiness.
The good news: A secured credit card, which requires a refundable security deposit in exchange for a line of credit, could be the solution. Lenders may be more willing to issue secured credit cards to less qualified borrowers because the deposit will be used to cover the balance if it goes unpaid.
1. How a Secured Credit Card Works
Like any other credit card, you first have to apply and get approved. Secured credit card applications are similar to other credit card applications in that they require your basic financial information, as well as your permission to perform a credit check. But they differ in that a secured credit card application will also require your bank account and routing number in order to submit a refundable security deposit.
Once you’ve been approved and put down your deposit, a secured credit card functions much like its unsecured counterpart: You will receive a statement each month, and you should try to pay your balance in full each month by the due date to avoid interest charges on new purchases.
You will enjoy the convenience and security of a credit card, as well as any benefits or rewards that the card may offer. For example, it can be much easier to reserve a hotel room or rent a car when you have and can use a credit card.
2. How Are Secured Credit Cards Different From Prepaid Cards and Debit Cards?
Secured credit cards, prepaid cards and debit cards all require account holders to provide funds before any purchases can be made, but that is essentially where the similarities end. With prepaid and debit cards, the amount of each purchase is immediately subtracted from the balance of the account. But with a secured credit card, the money you put up — the refundable security deposit — is unaffected when you make a purchase and is not used to pay the account balance (unless you go into default or close your account with a balance). Rather, your charges will appear on your monthly statement with an amount due for that month. Your on-time monthly payments are separate from the money you put down initially.
Whereas most prepaid and debit cards generally do not report to credit bureaus, most secured credit cards do. This is why they are an attractive way to build credit — your responsible use counts for something.
And that’s why it’s critical that secured credit card users make on time payments each month on all their loans in order to build a strong credit history.
Build or Rebuild Your Credit with Discover it ® Secured Card.
3. Graduating From a Secured Credit Card
The goal of many secured credit card users is to improve their credit score to the point where they qualify for a regular, unsecured credit card and they can get their security deposit back. This process is often called graduating to an unsecured credit card, and typically requires that the card user achieve a credit score of approximately 670 and above, don’t spend beyond the deposit limit, manage other financial accounts responsibly and make credit card payments on time.
Alternatively, secured credit card users can always pay off their remaining balance and close their account at will.
Secured credit cards can be a great way to build or rebuild credit and establish good financial habits for the future.
Published June 20, 2016
Updated January 7, 2021
Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.
What Is a Secured Credit Card? How Is It Different From an Unsecured Card?
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Here’s a catch-22: A credit card is the quickest way to build good credit, but you often can’t get a credit card without good credit.
Secured credit cards can help people with bad credit or short credit histories escape this paradox. Here’s what you need to know to understand secured cards and how they differ from regular «unsecured» cards.
What is a secured credit card?
The deposit reduces the risk to the credit card issuer: If you don’t pay your bill, the issuer can take the money from your deposit. That’s why these cards are available to people with bad credit or no credit.
Some of the best secured cards may allow you to upgrade your account directly to an unsecured card. Others don’t have an upgrade process, so you’ll have to apply elsewhere, then close the secured card. When you upgrade or close a non-delinquent secured card, the issuer refunds your deposit.
Secured vs. unsecured cards
Whether you need a secured card comes down to how good your credit is.
For unsecured cards, which don’t require a deposit and therefore pose more risk to the issuer, credit-card companies typically require at least average credit, and good or excellent credit for the best ones.
Some unsecured credit cards advertise themselves as easy to qualify for even if you have bad credit. But these cards usually charge extremely high fees. NerdWallet recommends applying for a secured card rather than a high-fee unsecured card.
How secured credit cards work
Once the initial deposit is paid, secured cards work just like unsecured ones:
You can use them wherever credit cards are accepted, including online
You can build or rebuild your credit by using the card responsibly and paying your balance on time
You incur interest if you carry a balance
If you can’t qualify for an unsecured card, a secured card can be a great tool as you look to improve your credit. But it’s as important to be responsible with a secured card as it is with any other loan or bill that shows up on your credit report.
Secured credit cards vs. prepaid debit
Prepaid debit cards seem similar to secured credit cards. You have to pay money before you can use the card, and they typically have a Visa, MasterCard or American Express logo.
But with prepaid debit cards, you’re using your own money to make purchases — not money borrowed from the issuer. You load money onto the card, then the issuer uses that money to pay for your purchases.
Since these cards don’t extend any credit, account activity isn’t reported to the credit bureaus. Therefore, you’re not building a credit history by using a prepaid card. Prepaid debit cards can also have fees that secured credit cards do not.
If building credit is your goal, a secured credit card is really your best bet.
How to use a secured card effectively
Use the card sparingly, making only one or two small purchases every month
Pay your balance in full every month before the due date. When you pay in full, you won’t be charged interest. Interest rates on secured cards are generally higher than those on unsecured cards.
Keep an eye on your credit score over time; when it has meaningfully improved, ask your issuer about upgrading to an unsecured card
How fast does a secured card build credit?
But even if you do have to apply for a new unsecured credit card, you may be able to enjoy some of the benefits of having good credit — lower interest, rewards and more competitive fees.
When that day comes, your time rebuilding your credit with a secured credit card will have been worth it.
A secured credit card is a credit card that requires you to provide a cash security deposit to open an account. The deposit protects the issuer from losing money if you don’t pay your bill, so secured credit cards are easier to get for people with bad credit or no credit history.
Once the account is open, you use a secured card like any other credit card: You make purchases with it, and then you pay off those purchases. Note that the money from your security deposit is not «loaded» onto the card, and it is not used to pay for your purchases. Your deposit comes into play only if you fail to pay your bill. If that happens, the card company will use your deposit to cover the amount you owe — and if it has to do that, it will probably close your account.
Using a secured credit card responsibly can help you build credit to the point where you qualify for a regular «unsecured» card. You may be able to upgrade your secured card to an unsecured option from the same issuer, or you can apply with a different issuer. If you upgrade or close your secured card account in good standing, you get your deposit back.