Credence Financial Services provides products and services specifically designed to help you build wealth while reporting your payment history to the credit bureau.
A secured credit card is still one of the most important financial instruments in building an individual's credit.
The secured credit card is valuable because it can be used to rent cars, stay in hotels, make online purchases, and financial emergencies. The use of the secured credit card and spending activity can create a positive credit history.
A security deposit is required at the time of the credit card application that sets the credit card spending limit. The security deposit is held by the financial institution to ensure the credit card holder honours the credit card agreement. If the credit card holder defaults on the credit card then the credit card issuer has the right to cancel the credit card, cash the deposit, and pay any outstanding balances before refunding the difference.
Please Note: Prepaid credit cards do not affect or report to the credit bureau and therefore should NOT be used to rebuild credit. By prepaying the credit card for later use you are simply using the money that you have already deposited with the pre paid credit card company.