Good Credit Card analysis link....

Discussion in 'Credit Talk' started by supershawn, Oct 3, 2001.

  1. supershawn

    supershawn Well-Known Member

    Thought this might interest you guys.

    There is some good info on secured cards for those still getting 'back on your feet'. Don't be embarrased by secured cards, you have to start somewhere!

    You might have to cut and paste the's kinda big.

    The link is from, a pretty good site. This link does not provide me with any compensation what-so-ever, just thought it might interest you.

  2. Saar

    Saar Banned

    If only credit newbies knew how true that statement is!

    But instead, they prefer paying exorbitant fees to Net 1st, Providian, Orchard, etc. just because they give you a supposedly "unsecured" card from the start.

    But exactly how is it unsecured?! You pay so many fees, it's bound to be secured by those infinite fees!

    If you need to start out/over, take either Associates (unsecured, easy to get - especially the student card), or the secured Capital One -- "R" would cut your interest to 12.9% -- less than what most people with prime credit have to pay.

  3. RichGuy

    RichGuy Well-Known Member

    Saar is quite right. Excessive front-end fees reduce the actual credit offered, reduce credit risk, and essentially secure a part of the total credit limit. And as he has previously noted, this is a "deposit" that you never get back.

    Let me expand on that. Any subprime card that charges a high interest rate is also partially secured. The issuer sets aside a part of the interest to compensate for future defaults.

    It seems more expensive to make a deposit and get a secured card, but just remember that you can save on fees and interest, and IN ADDITION get your deposit back when you go unsecured or close the account.

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