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why should I get a secured credit card and pay finance charges on my own money? I don;t... |
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Date:
September 5, 2006, 2:05 pm |
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why should I get a secured credit card and pay finance charges on my own money? I don;t understand how I will build credit on my own money. |
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Answer:
If you have no credit or bad credit history and want to establish or rebuild your credit, usually you are offered a secured credit card. It requires a money deposited on your bank account, that is a guarantee that you will pay off your credit. In case you miss your payment the bank has a right to take the money on your account as a payment. Secured credit doesn't mean that you give your money to the bank and pay charges on it, it only requires that you have a definite account. Thus the bank tries to cover the risk of giving you credit, and you assure the bank of your responsibility. What's more, you "learn" how to pay your balance off regularly and in full.
This opens you a road to more beneficial terms of credit, in other words, establishes or rebuilds you credit history. |
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