There is no Fresh Start Visa credit card listed on the Florida Credit Union website. From the name of the card, it seems like this would be a secured credit card. A secured credit card is a special type of card that lets the cardholder repair a damaged credit score and build a fresh start.
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If someone has a low credit score, there are many things they can do to repair it in addition to getting a secured credit card. A person who wants to raise their low credit score can find great advice at websites like Suze Orman’s.
How a Secured Credit Card Works
A secured credit card requires the cardholder to put down a security deposit. This deposit usually requires a minimum of at least $500. This deposit serves two purposes. First, it determines the credit limit for the card. If the cardholder decides they want a higher credit limit, all they have to do is deposit more money.
The second reason for the deposit is that it protects both the cardholder and the credit card provider from a default. A credit card default has a very bad affect on a person’s credit score and is bad for the provider’s bottom line. If the cardholder misses credit card payments, their deposit will cover the balance due and prevent a default.
Benefits of a Secured Credit Card
Two main groups would benefit from this type of credit card. The first are people that are just starting out and have yet to determine a credit score. College students are a great example of this. Since these young adults have yet to establish credit and have budget constraints, credit cards for students can help build their credit score while also protecting them from going into debt.
The second group consists of people that have already damaged their credit score. The credit card provider reports directly to the credit bureaus so as long as they use this card responsibly, their credit score will improve.
Florida Credit Union Credit Cards
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- Fort Worth Community Credit Union Share Secured Classic MasterCard Credit Card
- Community First Credit Union Shared Secured Visa Credit Card
- HAPO Community Credit Union Visa Shared Secured Credit Card
- Landmark Credit Union Secured Visa Gold Credit Card
- First Bank of Delaware Granite MasterCard Credit Card
- Monterey County Bank MasterCard Emblem Credit Card
- Arkansas Federal Credit Union Visa Secure