Comments on: How To Tell If You Need A Secured Credit Card http://www.askmrcreditcard.com/creditcardblog/how-to-tell-if-you-need-a-secured-credit-card/ Latest Credit Card News, Reviews and Information Sat, 07 Nov 2009 23:38:59 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: S.McKay http://www.askmrcreditcard.com/creditcardblog/how-to-tell-if-you-need-a-secured-credit-card/comment-page-1/#comment-114070 S.McKay Sat, 01 Aug 2009 05:46:05 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=589#comment-114070 The "credit crunch" has prompted nearly all major lenders to reduce available unsecured credit lines to 40% or less of what their value would have been four years or so ago. This greatly negatively affected my credit score at a time when real estate became very affordable in my area. A credit line secured by collateral cannot be summarily reduced, especially at critical times when other credit repair efforts may be thwarted by untimely and unjustified reductions in available unsecured credit. The “credit crunch” has prompted nearly all major lenders to reduce available unsecured credit lines to 40% or less of what their value would have been four years or so ago. This greatly negatively affected my credit score at a time when real estate became very affordable in my area. A credit line secured by collateral cannot be summarily reduced, especially at critical times when other credit repair efforts may be thwarted by untimely and unjustified reductions in available unsecured credit.

]]> By: Jason Paul Marshall http://www.askmrcreditcard.com/creditcardblog/how-to-tell-if-you-need-a-secured-credit-card/comment-page-1/#comment-91693 Jason Paul Marshall Sat, 06 Dec 2008 10:20:28 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=589#comment-91693 OH! (3) Eventhough some may keep secured deposits for the life of the Secured Credit Card (which seems to be rare these days), BEWARE of Credit Card Companies that (a) don't have a time limit for holding onto your "security deposit" before it's converted automatically to Unsecured credit card status. Because one of my two card companies had an application the year before I applied which said "18 months before converting to unsecured" whereas when I applied it said "at their discretion we will make unsecured". And coincidentally afterward, I saw once again saw their application say the familiar "18 months"! SO DECIDE if you want your money back and if you do, similarly, don't let the bank renigh! (4) And AVOID Credit Card Companies that have a "cash advance" limit; there are too many that allow cash advance limits equal to the credit limit. . .besides it's your $5K or $10K dollars anyway! (5) AVOID Credit card companies and their "Credit Shields" or other credit protections BASED SOLEY ON THE REASON that you don't want to be paying $20 to $40 dollars a month on your own cash especially if you think THE CARD COMPANY will never give you credit line increases or will use Overlimit accidents due to their "credit protection plan" fees so as to disqualify you from getting your CASH DEPOSIT BACK! Jason Paul Marshall jsnmrsh@msn.com OH!

(3) Eventhough some may keep secured deposits for the life of the Secured Credit Card (which seems to be rare these days), BEWARE of Credit Card Companies that (a) don’t have a time limit for holding onto your “security deposit” before it’s converted automatically to Unsecured credit card status. Because one of my two card companies had an application the year before I applied which said “18 months before converting to unsecured” whereas when I applied it said “at their discretion we will make unsecured”. And coincidentally afterward, I saw once again saw their application say the familiar “18 months”! SO DECIDE if you want your money back and if you do, similarly, don’t let the bank renigh!

(4) And AVOID Credit Card Companies that have a “cash advance” limit; there are too many that allow cash advance limits equal to the credit limit. . .besides it’s your $5K or $10K dollars anyway!

(5) AVOID Credit card companies and their “Credit Shields” or other credit protections BASED SOLEY ON THE REASON that you don’t want to be paying $20 to $40 dollars a month on your own cash especially if you think THE CARD COMPANY will never give you credit line increases or will use Overlimit accidents due to their “credit protection plan” fees so as to disqualify you from getting your CASH DEPOSIT BACK!

Jason Paul Marshall
jsnmrsh@msn.com

]]> By: Jason Paul Marshall http://www.askmrcreditcard.com/creditcardblog/how-to-tell-if-you-need-a-secured-credit-card/comment-page-1/#comment-91691 Jason Paul Marshall Sat, 06 Dec 2008 09:49:40 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=589#comment-91691 Today is December 6th, 2008 Saturday 1:43am PST USA, In reference to: "With a secured credit card, you can raise the credit limit any time you want to by depositing more money" Some people don't know how important this is when they first apply for a secured credit card. In my case, I had TWO DIFFERENT SECURED CREDIT CARD COMPANIES renigh on their agreement to allow "deposits AT ANY TIME" to increase my credit lines; namely Associates National Bank/WAMU/CitiCards and First Premier Bank! And the condition was on the original application that I had submitted. What can I do when two banks had done this? Because I wanted to have lines of $5K or more SECURED by my deposits. So make sure you tell everyone out there how important (1) this issue of being able to make deposits AT ANY TIME to increase their credit line and also (2) they will want to plan ahead for the future by finding out what their deposit limit is such as $2K, $5K, or $10K. Jason Paul Marshall jsnmrsh@msn.com Today is December 6th, 2008 Saturday 1:43am PST USA,

In reference to: “With a secured credit card, you can raise the credit limit any time you want to by depositing more money”

Some people don’t know how important this is when they first apply for a secured credit card. In my case, I had TWO DIFFERENT SECURED CREDIT CARD COMPANIES renigh on their agreement to allow “deposits AT ANY TIME” to increase my credit lines; namely Associates National Bank/WAMU/CitiCards and First Premier Bank! And the condition was on the original application that I had submitted. What can I do when two banks had done this? Because I wanted to have lines of $5K or more SECURED by my deposits.

So make sure you tell everyone out there how important (1) this issue of being able to make deposits AT ANY TIME to increase their credit line and also (2) they will want to plan ahead for the future by finding out what their deposit limit is such as $2K, $5K, or $10K.

Jason Paul Marshall
jsnmrsh@msn.com

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