Credit Limits on Your Secured Card

A credit limit on a credit card is the amount the card issuer will allow you to spend. This amount includes all transactions including accumulated finance charges and fees. With a secured card this amount is equal to the amount you have deposited in a savings account or CD to guarantee payment.
Some companies will give you a credit line equal to 100% of the amount on deposit; however others might not allow you the full amount so remember to read the small print.

All your fees and charges will be part of your first bill and should be paid off with your first payment. Regular use of your credit cards will help you build or repair your credit. It is important that you keep positive credit habits. The most important one is pay your card balance in fell each month.

Increasing credit limits

If you prove yourself to the credit card company with 6-12 months of good credit habits they might consider raising your credit limit or even giving you an unsecured card. Some do this automatically, others you have to contact.

   2010 ©
   All rights reserved.  Privacy Policy.