*Loan,banking and credit>>>credit line

What does it mean to secure a line of credit?

I was reading some information on the Internet (on my bank's website) about a secured visa credit card. It says that after 18 months, they may be able to continue my card membership without requiring me to secure my credit line including I manage my credit responsibly for the 18 months. What does this mean? That's the only part of this I am co nfused about. I never had a credit card before in my life and am considering this to build up a good credit score once I get enough money to put into savings account and have the minimum required in the account. At this rate that may take a while but I plan on paying off the card as soon as I get the bill, including I even charge anything. I would like the credit card for in case of an emergency, even if I only have a $300 credit limit.

Securing a line of credit means putting up collateral.

A secured credit card such as you are talking about requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $500 in the account; you can charge up to $500.

You would do this to build up a credit rating; i.e. a good history of payments on a secured card reporting to the credit reporting agencies will qualify you, in time, for unsecured credit cards.

secured credit is when the amount you borrow is secured by something of equal value. like when buying a car the loan is secured by the car your buying.
A secured line of credit is some sort of credit (loan,credit card, mortgage, etc.) which is extended to you and secured by some sort of collateral (your home, your car, your business, a savings account, a 401k, etc.). If you default (do not repay) on your line of credit, the bank will liquidate (sell, cash in) your collateral and settle the debt.

To build up your credit safely, you can do it WITHOUT credit cards. This is how...

1. open a savings account at 3 different banks, depositing $200+ with each bank.

2. Leave your money in the accounts and Wait 2 weeks.

3. Go to each bank and request a $200 loan.

4. Open a checking account at one of the banks. Deposit all your loan monies in your checking account.

5. Leave the monies in the checking account.

6. 3 bills will come, one from each bank, in the amount of your loan installment.

7. RELIGIOUSLY write these checks to pay off the loans. DO NOT use the loan money for anything else.

8. After 3-6 months of writing these checks to pay off your loans, Pay off each account with the remainder of the monies in your checking account.

9. You will have very nearly PERFECT credit after this.

***DO NOT be late on payments!!!
***DO NOT skip payments!!!

If you follow ALL of these rules, you will enjoy wonderful credit!

Good Luck!
it means that they have set certain standards for the eighteen month period they expect you to manage and keep your payments all paid on time and keep you r account standings in good condition then they will let you have more priveliges on your card but you dont want to use it more than you need to though it could be very costly to you especially the interest if you mis a payment
your better judgment karieaddy