Card Credit Credit Reestablishing Blog

Although a traditional charge card is unsecured, applying for credit cards rarely means guaranteed approval. Regardless of missed and late payments, secured credit cards increase the likelihood of a creditor approving an application due to the provision of collateral. They aren't only suitable for individuals with an adverse repayment history, they offer a way to gradually repair credit scores as lenders report back to the leading credit reference agencies (Experian, Equifax and TransUnion).

Secured Credit Cards

Whilst a pre-paid credit card allows a consumer to load their own cash onto the card, a secured card operates differently. Instead, a credit card limit is offered due to the provision of collateral. This is because the debt is secured against a home or property; this gives the creditor the opportunity to foreclose and recover any money lent should the borrower default on the terms of the agreement.

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