120 Days in the Life of a Secured Credit Card

Credit Cards

Without regard to how one got into the situation of an impared score as low as 350, akin to getting a 400 SAT score for showing up with or without a pencil, life without a credit card is almost undoable.

A secured card can help.  Instead of a loading a prepaid card, a secured card with a national issuer can help establish credit.  It is not a free ride, however.  You must still pay your bills or this becomes a costly proposition.

There are some good business models for secured card.  Capital One, for instance will increase your line, above the original deposit, on your sixth sequential online payment.

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

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