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Quick Credit Repair: A Personal Experience

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anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 550



13573 Magic Points
 
 Posted on Mon May 19, 2008 3:48 am  
Hi sdchargers_63

A secured card requires you to maintain a savings account or other asset account in a bank as security for your credit and your credit will range from 50 to 100 percent of your deposit. The bank will pay interest on the deposit which is much higher than that on unsecured credit cards. The cost of borrowing is I think always less in case of secured credit cards as the savings account acts as a collateral in order to recoup any losses incurred due to non payment of the loan.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 382



4435 Magic Points
 
 Posted on Mon May 19, 2008 6:15 am  
I believe anthony is correct about these cards. I am unsure though about how much the annual fees mught be.
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