Secure Line Of Credit

I was reading some information on the Internet (on my bank's website) about a secured visa credit card. It says that after 18 months, they may be able to continue my card membership without requiring me to secure my credit line including I manage my credit responsibly for the 18 months. What does this mean? That's the only part of this I am co nfused about. I never had a credit card before in my life and am considering this to build up a good credit score once I get enough money to put into savings account and have the minimum required in the account. At this rate that may take a while but I plan on paying off the card as soon as I get the bill, including I even charge anything. I would like the credit card for in case of an emergency, even if I only have a $300 credit limit.

Securing a line of credit means putting up collateral.

A secured credit card such as you are talking about requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $500 in the account; you can charge up to $500.

You would do this to build up a credit rating; i.e. a good history of payments on a secured card reporting to the credit reporting agencies will qualify you, in time, for unsecured credit cards.

2007-01-23 15:43:41 by Bear

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My fiance mailed out an application and $300 money order to USBank for a secured credit card yesterday. We were just curious if the bank could deny him, and if so, what would be some reasons? The bottom of the application says that it will be denied if the applicant is under the age of 18 or has filed bankruptcy, but are there other reasons he could be denied?

You won't be denied as long as you reside in a state where US Bank is licensed to do business (and it is, in most states). Your money is the card's security. If you don't make payments or default, the issuing company has your money to pay off the debt.

2009-03-11 05:21:15 by Jen M

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I went to bank the other day and the teller told me that my husband and I have been preapproved for a secured line of credit. What does this mean exactly? Do we really have the loan? What do they want for security?
Thank you so much everyone for the good advise and opinions.

Pre-approved mean the bank does a thorough credit check on you, finds out much income you make, and do other financial research on you. Basically it means the bank did lots of work to find out how big the loan should be and what interest rate should they charge you.

Another term you might hear is "pre-qualified". Basically the bank estimates what you can afford base on some information you given to them.

Anyway, you don't have the loan until you sign the contracts.

2007-05-05 18:15:16 by deedee70

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I need to get a credit line (not a credit card) but my home has no equity. I was told that if I put cash into a CD that I can get a CD line of Credit but I don't know which banks offer them? Does anyone know which bank will offer me a CD Line of Credit in the US more specifically in the Florida/Georgia area? Thanks.

BOA

2008-02-15 11:56:53 by Cio

Yes, I've already check with my bank. I haven't had an open trade line in so long that I'm pulling up as no-file when my credit is checked.

Try a paypal account refer your bank account this enable you to get their credit cards with a higher credit line

2007-02-12 10:59:52 by wildheavenfarm