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USAA Federal Savings Bank
USAA Secured Cards®
If you want to get a new credit card and your problem is bad or no credit history, we've got the way out. A secured credit card is perfect for people with such credit history and we offer really mild terms for you.
Secured credit cards are designed to help people in rebuilding their credit score. They are just what you need if you have no credit history or bad credit history.
Many people choose such type of credit cards today. There are a lot of reasons for people to get them. There are some situations when you need a secured credit card:
1. You are a teenager. If so, secured credit cards are perfect for you to learn how to control your own finances, because you can't spend more money than you have. It is also a really good way to start your credit rating when you are in your teens.
2. You had problems with credit companies or declared bankruptcy in the past. They don't want you to have unsecured credit card because of your poor credit score. So credit companies offering secured credit cards give you some kind of second chance.
3. You are a working adult. You still haven't credit history. Such cards are a really great choice for you to start your credit score.
4. You are in divorce and you have high debt ratio, secured credit card is a good way out for you.
In general, after approval you should pay a security deposit to get a secured credit card.
Therefore, your credit will depend on your deposit. Usually it equals the amount of money you deposited. There are not a lot of differences between the secured credit card and the debit card at first sight. But a credit card is a credit card anyway.
You can increase your credit score or severely damage it, so you should make full payments every month. Also you will have general benefits as an unsecured credit card. Choosing a secured credit card you should pay attention to maximum and minimum deposit limits, application fees, annual fees, and processing fees. Grasp your chance to increase your credit history right now!
Credit Cards Tips
Good luck trying to get a credit card if you don't have a credit history! It's like trying to find a job without any job experience. Unless you're a college student, that is so. Then your college mailbox will be flooded with credit card deals for student credit cards.
There are ways to go from no credit history to a great credit report, but it takes time and patience. In the same way, if you have poor credit, you can repair it and develop a good credit report -again, with time and patience.
Nowadays you can't imagine your life without credit cards - it's really hard to find a store where they are not accepted! Getting a credit card is easy for people who have no problems with their credit history. But what about others? The solution for them is applying for a secured credit card.
A secured credit card works like any other credit card, but there is one big difference. You have to deposit a certain amount of money that will be held in a saving account. If you fail to pay your credit bills, the funds in the account will be used to cover your debt.
People with no or bad credit history have a limited choice of credit offers: they can apply for unsecured cards for bad/no credit, secured cards or prepaid credit cards. Two last categories require funds to be deposited before using the plastics. The main difference is in the usage of those funds. Secured credit card deposit will be used to cover your debt if you fail to pay your credit bills. Prepaid credit card deposit will be used as your credit line. But if you pay with your own money, is a prepaid credit card really credit?