Consumers with bad credit or no credit sometimes find themselves unable to receive credit approval of any kind. This is why issuers created secured credit cards; they provide a path for nearly anyone to receive an approval and start building a credit profile. With a secured credit card, consumers are required to put down a cash deposit normally equal to the card’s credit limit into a bank account (known in these cases as a collateral account). With responsible behavior, many cardholders can upgrade their secured card to a non-secured counterpart and see the deposit returned. Similarly, when a secured account is closed and in good standing, the deposit will be returned.
from Forbes Advisor https://ift.tt/XJHS7Os
via IFTTT