Credit products can come in one of two forms: secured and unsecured. Secured credit products, such as an auto loan, mortgage, or home equity line of credit, are tied to collateral that can be seized if the accounts go delinquent. That’s why getting behind on a mortgage or auto loan, for example, can lead to the borrower losing their home or vehicle. Unsecured credit products, such as most credit cards and student loans, don’t have any collateral tied to them. If they go delinquent, there’s no property for the lender to collect so the creditor will first look to collect from you. For this reason, getting approved for these products can sometimes be more challenging.  FREE TOOL: Are mistakes on

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