I was reading about different factors that determines credit score. One of them is having a "good credit mix" (IE having a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards)).
So, I want to know whether prepaid credit cards (where you need to maintain a fixed deposit in order to get a credit card) is a form of secured loan or not? If not then why so?
Also is prepaid credit card good for building credit history?
- My country is India.
- Here, credit score is known as CIBIL score.