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Secured credit cards demystified
Most consumer advocates claim that secured credit cards are one of the most effective ways to establish and build credit. Don’t buy into this argument, since getting a secured credit card is an extremely difficult proposition especially if you have had bad credit, delinquencies or don’t have a credit history at all. Cardratings.com reports:
Just because it can be an easy way to get credit, doesn’t mean the process of applying itself is easy. It is possible to be declined for a secured credit card. Depending on how tough the application terms are, applicants may be required to provide such things as proof of U.S. citizenship, income, a Social Security number, a home phone number, and a home address.
Read more: The Nuances of Secured Credit Cards
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