Pros and Cons of Secured Credit Cards

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3y ago 13:07

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Secured credit cards are an incredible way to establish your credit history of you have none or if you have prior credit problems like delinquencies, bankruptcy, or charged-off accounts.

Whether you're seeking to build your financial credit history from scratch or trying to build a good credit report, a secured credit card has its associated perks and drawbacks.

According to a report retrieved from the Federal Reserve Bank of Philadelphia in 2016, a client having a secured credit card account running for two years is associated with a 24-point surge in their meridian credit scores.

However, some secured credit cards could have expensive interest rates, a crazy annual percentage rate (APR), or no provision for a path to a secured credit card.

Considering the associated perks and downsides, we've compiled what you need to know about a secured credit card.

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