3 ms·
Well, that's not entirely true. I went through the process somewhat recently, and you can get a credit card by depositing some money first and using that as you
by rifung 11y ago
Well, that's not entirely true. I went through the process somewhat recently, and you can get a credit card by depositing some money first and using that as your max credit. That way the bank doesn't take any risk but you can build up your credit.
- deleted 11y ago[deleted]
- JohnTHaller 11y agoIt's called a secured credit card... as in it's secured by your balance with the bank. Using it helps build your credit score and history so you can get a standard credit card. I have a friend doing this now who's just never used credit before. It's more of an issue today since so many people just use their debit cards whereas years ago people used cash and credit cards. If you wanted the convenience of not carrying cash, you had to use your credit card since ATM cards didn't have Mastercard/Visa logos and couldn't be used to pay for things in stores. That's how today you wind up with someone in their late 20s that's never had a credit card or a loan.
- wnevets 11y ago> That's how today you wind up with someone in their late 20s that's never had a credit card or a loan. This was me till I was 28. I was able to skip having to use a secured credit card by getting a joint card with someone who already has great credit.