I am not fimilar at all with secured CC. is a signature required to open the acct and two how are the funds deposited to accept the offer? how does this effect the CL? can a secured acct be charged off ?
UHM, what the heck? I don't get it, you are asking if you have to SIGN your name? ya, you do...why do you ask? You deposit the money with check, money order, cashier check...usually, you can also do an ACH transfer to some banks, and finally, if you have a local bank, you can just bring in cash. I suppose you could get around the signature requirement, if you found an online application somewhere...but I've never found one for a secured card, that I can recall, I think I always mailed it in with my signature.... uhm, you can always sign a big X if thats a problem...I still don't understand your post.
oh to answer your other questions. a secured card can be charged off. because if you don't send in payments, then they don't close the account right away, but charge you late fee's and eventually over the limit fee's until you owe way more than your deposit. with most secured cards, the amount of your deposit, is your credit line...most are a minimum of 200, some have minimums much higher.
can a secured card be applied for over the phone? if so wouldn't the CC company send you something to sign to verify your identity?
Usually, if you don't qualify for a 'regular' account, and the company offers a secured account option, they'll mail a secured application flyer to you. Secured should require a writen signature, because federal law has reqs on having a signature card for deposit accounts.
Since a secured card requires you to open a savings account they YES you need a signature. By law (and I dont know which one) but you have to provide a signature when opening an account. Keep in mind though I have opened accounts online and used them with out sending in my signature cards but after sept 11 they are pretty strict on it.
