A secured credit card is a great choice for someone that is trying to repair his or her credit. Many banks are now offering secured credit card as a way to help customers that have made mistakes in the past that have severely damaged their credit score.
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Many people make mistakes with credit cards at one point of another. These mistakes do not have to have a permanent affect. Websites like Suze Orman’s offer great advice on how to prevent damage to your credit score, as well as repair damage that has already been done.
Amegy Bank of Texas Visa Secured Card Works Differently
The main thing that makes a secure credit card different from a normal credit card is that it requires a security deposit. This security deposit is collateral for the cardholder’s account. The cardholder’s history with this card is sent to the credit bureaus and there begins the cardholder’s journey to improve their credit.
The security deposit the cardholder places on the secured credit card is completely refundable. If the cardholder wants an increase to their line of credit, all they have to do is increase the amount of their security deposit. Over time, if the cardholder continues to make their credit card payments on time and do not go over their credit limit they will be eligible for credit line increases without having to add to their security deposit.
Amegy Bank of Texas Visa Secured Card is a Great Choice
This type of credit card is specifically made for someone with bad credit. So if someone wants this type of credit card and can show a steady source of income odds are they will be approved for the secured credit card.
After the person is approved for the credit card, it is sent to them after they have paid their security deposit. This security deposit does not have to be paid all at once, which gives the cardholder time to fulfill the security deposit requirement.
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