In theory that sounds good. You get an installment tradeline and a revolving credit tradeline off one deposit. I don't think you would be able to pay the loan with the cc, most cards don't work that way. I've never had a secured card but the way they generally work, from what I've gathered on these boards, is that you put a deposit to get the card. Some are dollar for dollar, but it depends on the card. I'm confused by your statement that you end up with twice what you've deposited. How so? You deposit $500 in the bank, secure a loan against your money and get a secured credit card. When the secured card graduates or becomes unsecured, you get your original $500 back. Which, if you haven't done so already, pay back your secured loan against your savings account. It's still the same $500. Am I missing something?
