Do I Need a Secured Credit Card?

: Chris Lee Law Firm

  Filed under: Credit Tips

Secured Credit CardThis is one of those questions that gets the answer, “If you have to ask, then yes.”  A secured credit card is a terrific option for people who are concerned about facing bankruptcy in their future, as well as for people who have recently gone through the bankruptcy process.

What Is a Secured Credit Card?

Essentially, with a secured card, you put up the money that will be your line of credit.  This way, should you default, the lender already has the money to cover your credit.

Sounds Good, Right?

If you have a bad credit score (which will certainly be the case for those who are recovering from bankruptcy), then a secured card is a terrific way to build your score back up again!  Also, if you don’t trust yourself yet to get a full-blown credit card, then a secured credit card is a great place to start.

This option allows you all of the benefits that other credit card holders enjoy.  You’re probably already aware of how difficult it is to operate without a credit card of some sort.  You can get back in the game with a secured card.

How Long Until the Real Deal?

Usually it will take about a year’s worth of on-time and in-full payments before you will be eligible for an unsecured card.  All things considered, it’s not a terrible price to pay.  Additionally, you will have boosted your credit score throughout the process by being a responsible borrower!  What are you waiting for?  Go ahead, and get started today!

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