Secured Credit Card Impacts Credit Score

The speaker provides an explanation of what a secured credit card is and how it differs from an unsecured credit card.  A secured credit card is backed by collateral while unsecured is not.

He mentions that secured credit cards are utilized by those who are establishing credit for the first time or trying to rebuild their credit.  Once a solid history is built up, the borrower may elect to receive a unsecured credit card.