CREDIT CARDS

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 An unsecured credit card simply means there is no collateral associated with the account it-self. The credit limit is based on the lender's assessment of your credit worthiness using traditional factors such as credit scores, credit reports, payment history, current and previous trade-lines and other indicators of your ability to be financially responsible. Unsecured credit cards usually have lower fees, better interest rates, higher limits and reward programs not available with secured credit cards. 

If you've had trouble getting approved for an unsecured credit card in the past, a secured credit card may be right for you. Secured credit cards are specifically designed for newcomers with no previous or current positive credit history as well as consumers with low scores caused by negative items present on the credit report. These types of cards must be funded with a security deposit at the time of the application. For example - if your initial deposit is $200, your credit limit is $200. ​