“// www.youtube.com/v/qP7MzNtIeaY?color2=FBE9EC&version=3&modestbranding=1″/ > This is a charge card for individuals without any credit score or inadequate credit history. https://www.openskycc.com/default.aspx Video clip Score:/ 5< item type="application/x-shockwave-flash" design="size:425 px; height:355 px;" data ="// www.youtube.com/v/mMUizq14Tc8?color2=FBE9EC&version=3&modestbranding=1" >< param name="film" value ="// www.youtube.com/v/mMUizq14Tc8?color2=FBE9EC&version=3&modestbranding=1"/ >
The Discover It Safe Bank card Video clip Score:/ 5
This is answers towards questions regarding my viewpoints about the best secured credit cards available. Video Rating: / 5
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< object type="application/x-shockwave-flash" design="width:425 px; elevation:355 px;" information ="// www.youtube.com/v/j3rQqnhR8Ms?color2=FBE9EC&version=3&modestbranding=1" >< param name="movie" value ="// www.youtube.com/v/j3rQqnhR8Ms?color2=FBE9EC&version=3&modestbranding=1"/ > < param name="allowscriptaccess" value="always"/ > In today’s episode of Talk Cash With Tonya, we review ways to make use of a secured credit score card as a way to boost your credit history.
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Secured credit cards are another very popular breed of credit cards. Secured credit cards, as their name suggests, are secured. Well, they are secured for the credit card supplier, really. Secured credit cards require you to open an account with the credit card supplier and maintain some cash balance in that account. This cash balance acts as a security for the supplier of secured credit card.
Your credit limit is dependent on the amount you hold in the account that you have started with the supplier of secured credit card. This is generally between 50 to 100% of your account balance. So in that sense, secured credit cards are not really credit cards (since they don’t offer you any credit really). For this reason, the secured credit cards are sometimes also referred as debit cards.
Why is the concept of secured credit cards so important?
As we know, credit card debt is a raging problem which is caused by improper usage of credit cards. Such people end up spoiling their credit rating to an extent where they cannot get another unsecured credit card (that is what we call the commonly used credit cards). Even after they have paid off their dues and cleared their debt, their credit rating still haunts them. For such people, secured credit cards are a boon.
Secured credit cards present them with an opportunity to not only get a credit card in the first place but also to improve their credit rating by using the secured credit card in a disciplined way (paying their dues in time, controlled spending, utilizing a maximum of 70% credit limit etc). As they continue with these good habits, their credit rating gradually improves over a period of time. Hence secured credit cards provide them with the means of rectifying their mistakes (credit rating).
It’s not just the people with bad credit rating who go for secured credit cards. Some people go for secured credit cards because they don’t want to bother themselves with the bills etc for credit cards. They don’t like to even fill-up application forms for unsecured credit cards.
Then there are some who just don’t like to borrow money (even if it means borrowing from a credit card supplier by using their credit card). However, such people are very rare to find.
Some people just go for secured credit cards because they have heard a lot of horrifying stories on credit card debt – maybe someone from their family or one of their friends was devastated by credit card debt and they don’t want to repeat the mistake. So they decide to go for a secured credit card.
Whatever be the reason for going for it, the secured credit cards are surely popular too.
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs
For more information and resource links on credit & loans visit: Online Loan Quick Cash
Where You Can Get A Secure Card – click link below… http://www.creditcardbroker.com/member-detail/?tid=5210 (I do get a affiliate commission when you get a card through this link)
Mike explains in detail how to use a secure credit card to raise your credit score. Mike notes the biggest challenge is knowing how the credit bureau’s scores are calculated. Most people have no idea how scores are calculated, thus they do not know what to do to get their scores back in a positive range.
What to do if you have avoided credit the last couple years
This is a good strategy if you had a financial trauma, and your credit scores
have been damaged.
1) Simply, get a secured credit card, better to get two. These are credit cards that credit unions and small banks allow you to open when otherwise you might not be able to open an account.
2) Here’s what you do, put 0 bucks into one of their savings accounts.
3) You ask them if they will issue a credit card using the money in your saving account as collateral.
4) Make sure that they will report it to the credit bureaus. (Don’t forget to ask them this question, it is critical!).
5) Use the credit card for gas or some small expense items that you would otherwise use cash for.
6) Never let your balance go over 0, or 30% of your limit.
7) When the bill comes in, pay it immediately. (Leave a small balance, do not pay off to zero).
By using the card and paying the balance immediately, after 60 days your scores will start to move up.
The longer time you follow this method, the higher your score will go.
We can get you a loan when your score reaches 600, but the real goal is 640 because the
interest rate will be much better.
Feel free to call me if you have any questions about this 7 point plan to get your scores up.
Secured credit cards benefit those with bad or non-existent credit histories, and they allow you to put up collateral (usually a cash deposit) in order to get a credit card. For example, handing over a deposit of 0 will give you a 0 credit limit. It’s a good option (or perhaps the only option) for those who don’t yet qualify for a regular credit card.
< param name= "allowscriptaccess "worth="constantly"/ > Today’s question is: Will I Construct Credit rating Faster With A Safe Bank card? Find out much more concerning Protected cards below: https://www.creditcardinsider.com/credit-cards/secured/ Credit rating cards can be found in different kinds- benefits, company, travel, safeguarded, gas, as well as a lot more. However do these cards affect your credit history in a different way? It ends up that the sort of card will not matter for your credit history- nevertheless, the credit history limit possibly will, as well as these cards come with extremely different credit history limits.
Each week, John Ulzheimer responds to YOUR credit questions. Email us, give us a call, or ask on live conversation, and we might address your question on YouTube!
To learn more about credit report, credit rating records, taking care of financial obligation, and also exactly how credit cards work, look into our learn area at https://www.creditcardinsider.com/learn/ If you’re searching for a bank card, begin your search at https://www.creditcardinsider.com/credit-cards/ Join our area!
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