MONEYGlossary · Money · Building credit
Secured card
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You give the bank a deposit (the CFPB’s example is $500), and that becomes your limit. A real credit card that reports like one.
You can’t get in over your head, because it’s your own money holding the door. Use it like a debit card: one small bill, paid in full on autopay.
From FILE 005: the 5 doors.
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Official and government data first. Every quote is word for word; follow the link to check it yourself.
SOURCE 01Sep 13, 2024
Consumer Financial Protection Bureau · “What are some ways to start or rebuild a good credit history?”
“You put in an amount of cash, for example $500.”
consumerfinance.gov (opens in a new tab)SOURCE 01Sep 13, 2024
Consumer Financial Protection Bureau · “What are some ways to start or rebuild a good credit history?”
“You put in an amount of cash, for example $500.”
consumerfinance.gov (opens in a new tab)