Are secured credit cards really worth it?
Would a secured card help my damaged credit rating much or is it just fees and more fees? Yes they do. And not only do they raise your score if you use it wisely, you’ll have an excellent chance to convert it into an unsecured card and get the deposit back with some interest. I had a secured card with my bank that I put up a $1000 deposit to get a $1000 line of credit. I bought small items on it and quickly paid it in full each month. It took me about 9 months before the card became unsecured and I got my deposit back. I ended up redepositing the money back into a certificate of deposit which I used as collateral for a signature loan that I quickly paid off to boost my score …
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Are secured credit cards really worth it?
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