college students who want to get a head start on building a good credit score can use a secured card
MIAMI (PRWEB) August 07, 2018
A secured credit card is one of the most popular choices for consumers trying to build up their score and National Debt Relief shares some other uses for the card. The article titled “Surprise! Secured Credit Cards Aren’t Just For Bad Credit” released August 3, 2018, explains how a secured credit card can have more uses than people thought.
The article starts off by explaining that a lot of consumers associate a secured credit card with their need to improve their credit score. The idea is to make a deposit on the card which will also serve as their credit limit. Once they are unable to pay the charges on the card, the lender simply uses the deposit to pay it off.
The article further explains that the deposit is not meant to go towards paying off purchases. The money stays there as long as the borrower pays off their purchases on time every time. This helps to build up their credit report. The deposit also prevents the consumer from getting any late fees and charges because the lender will simply use it to pay off the charges made on the card and close it. However, this is not the only benefit of having a secure credit card.
The article shares that college students who want to get a head start on building a good credit score can use a secured card. As long as they keep paying on time, they get a good start and increase the chances of getting a high score. With this, they get a better chance of being approved for loans such as for a car and even for a mortgage.
The article also explains that a secured credit card can be used by consumers who are under 18 years of age. Even if they get a cosigner for it, the lender will simply use the deposit to settle unpaid charges on the card and close it. A secured credit card can also be a good choice for foreign citizens in the US who wants to establish credit as they build their lives in the country.
To read the full article, click https://www.nationaldebtrelief.com/secured-credit-cards-not-just-for-bad-credit/