Swipe Away With Secured Credit Cards
There is a reason why it is called a secured credit card in the first place. It is the best way to deal with your expenses and at the same time enhance your credit history. In addition to that, with the modern society taking its toll nowadays, you can surely make use of that credit card whenever and wherever.
A credit card has moved a level higher. It is what most airlines, car rentals, hotels, restaurants and stores are looking for in order for you to be able to utilize their services and purchase their products. It is also a great way to keep yourself secured by not having to carry with you bills. It offers safety and convenience that you can enjoy all the time.
However, the catch is being able to find the right company that offers a secured credit card with a deal that is worthwhile. If you come to think of it, the search may tend to be long and discouraging because of having to consider a lot of option. But as long as you have the determination and information needed to get the credit card in your hands then taking time to decide would not be a problem for you.
So basically what happens is this. If in case you have a poor credit history because of past missed deadlines or if you have not even had a credit card before then you will most likely not be qualified to avail of the regular credit card. The option left for you is to opt for a secured one. In a secured credit card, anything and everything that you use this card for will be immediately backed up by your own personal money. That money is in a bank account which will be linked to your credit card line.
But if you want a shortcut and get pass all the hustle and bustle, you can right away apply for a Visa or Master Card. These are the major and most trusted secured credit cards available at your expense since these are accepted almost everywhere.
Now what are you waiting for? Fund that bank account, apply for a secured credit card and get to enjoy all the perks you want with just a simple swipe.
Categories: Credit Score Articles Tags: Away, Cards, Credit, credit cards, Secured, secured credit cards
Will secured credit cards build credit history?
Question by deedee: Will secured credit cards build credit history?
How long would it take if I used this method to build my credit history? Will I be eligible for regular credit cards if after this? Im trying to build my credit up and fast! I have no credit history right now.
Best answer:
Answer by Frank
Yes, they will, if you pay on time. Don’t pay late. Don’t pay late.
And don’t think that using them more will make youre credit better. Your credit report shows the number of times you paid late, the amount you currently owe, and the maximum you ever owed on that account.
If you use the card one month and then pay it off and stick it in a drawer for 11 months, that will look exactly the same one your credit report as if you used the card every month for 12 months and never paid late. So don’t fool yourself into buying more stuff to help your credit, because it won’t make a bit of difference.
Add your own answer in the comments!
Credit Cards For People With Bad Credit; Learn How To Improve Your Credit Score, Avoid Scams, And Repair Credit With Secured Credit Cards
Credit Cards For People With Bad Credit; Learn How To Improve Your Credit Score, Avoid Scams, And Repair Credit With Secured Credit Cards
Do you have bad credit? Would you like to find out how you could use a credit card to increase your credit score? Did you know that there are credit cards available specifically for people with bad credit? Learn all of this and more so you can be on your way to credit repair! Credit Cards For People With Bad Credit teaches you skills of money management. This guide will help you find a credit card that will accept your application and use the card so that you can begin to repair your credit. While it may seem strange to get a credit card when you have bad credit, you need to demonstrate through your actions your new abilities to manage your money in order to improve your credit score.
Struggling with credit card debt and bad credit can have a huge impact on your life. It will affect your ability to get loans, a mortgage, and may even cause you to be denied employment. With the information in this book, you can begin to turn all of that around. By getting a credit card for people with bad credit and learning to use it properly, you can start to rebuild your credit. You don’t have to live under the weight of having bad credit; you can take small steps to improve it.
Look at some of the valuable information included in this book! Here is a list of the chapter titles:
Chapter 1: Credit Cards For People With Bad Credit
Chapter 2: Repair Credit With Bad Credit Credit Cards
Chapter 3: Get A Non-Mainstream Card for Those Who Have Poor Credit
Chapter 4: Secured Credit Cards
Chapter 5: Credit Cards For People With Bad Credit Ratings
Chapter 6: Improve Your Credit Score
Chapter 7: Quickly Increase Your Credit Rating
Chapter 8: Do A Little Research
Chapter 9: The Advantages of Secured Credit Cards
Chapter 10: How to Avoid A Scam
Start to repair your credit today! Take action and instantly download this book to your Kindle so you can learn how to improve your credit score.
List Price: $ 6.99
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You Can Get A Good Credit Score With Bank Secured Credit Card
Bank secured credit cards are ideal for those who have no credit history or for those who have bad credit scores. Since banking or financial institutions will not grant you any loan facility or credit cards if you have no credit history to check against. Since credit history and credit score are important, your initial course would be through bank secured credit cards.
Bank secured credit cards are also extended to individuals who would like to repair their credit scores by keeping their credit reports active with new rounds of credit transactions and manifest their rehabilitated paying habits. A person may have gone through a trying experience that affected his or her capacity to pay. A major illness perhaps, a divorce or sudden loss of job are situations beyond his control which caused him or her credit score to drop from good to bad.
In some cases however, a person was simply too reckless with his spending habits until every credit purchase caught up with him. A declaration of bankruptcy was his only way out. However, these persons are not doomed for life since some banks will still take the risks of extending credit facilities through bank secured credit cards. In fact, they have very minimal risk exposure via this type of credit card since the individual will be required to put up a bank deposit account. The bank deposit account should maintain a balance, usually 0, which will be equivalent to the cardholder’s maximum credit limit. Depending on the cardholder’s history, the credit limit may be equivalent to 100% of his deposit or can even be less.
The only objective of the bank secured credit cards is to provide a credit facility that the cardholder can use to create a new credit history that will eventually overwrite the bad credit score attached to his report. It may take 5 to 7 seven years before the bad credit score can be removed in a person’s credit reputation. For those who resorted to bankruptcy declaration, it will take about 10 years from the date bankruptcy was declared before the bad credit score can be removed.
The cardholder will be prevented from incurring additional bad credit points in bank secured credit cards. The maintaining deposit will be applied in case the cardholder fails to add additional funds in his account as payment for his current credit obligation. There is a price to pay though, because the cardholder will be hit with considerable amounts of bank charges. Naturally, he will be required to replenish the maintaining balance of his security deposit in order to continue with the use of his bank secured credit card.
There are banks however who will reward a cardholder for good credit records by increasing the amount of his bank secured credit card limit, although with an equivalent increase in his bank deposit balance. What is important however is for the bank to report your good credit performance to the credit monitoring bureaus. Otherwise, all the additional costs on your bank secured credit card purchases as well as the fees and charges you have paid for will all go to waste. Your bad credit score will not change unless these reports reach FICO through the credit monitoring bureaus.
FICO or First Isaacs and Co. is responsible for tabulating all the points created by your bank secured credit card history and the company can only use the information supplied by any of the three bureaus namely Experian, TransUnion and Equifax.
Be wary of banks or credit unions that will charge you with unnecessary fees just to have a bank secured credit card. Checkout Bankrate.com for a comprehensive list of credit card companies or credit unions that issue bank secured credit cards for reasonable interest rates.
For more useful information, please visit our website: THE KNOWLEDGE BASE, and look for the BUSINESS & FINANCE section.
Written by ja_schmidt
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