Secured Credit Card

Getting answers to your credit card application questions is an important part of the process of obtaining a line of credit that meets your needs, and does not have to cost you an arm and a leg! By finding out the details in advance, you are in a better position to make the best choice for your needs. It may help if you think of yourself as a credit card detective as you go through the application process.

Question: Is there an annual fee?

One of the credit card application questions you need to get answered is whether the card you are considering requires that you pay an annual fee. You will need to pay this amount whether you are using the account or not. Not all consumers feel that paying a fee to keep an account open is a good deal.

Question: What is the APR?

The APR, or Annual Percentage Rate, is the rate of interest that you are charged for purchases and cash advances made against your card. Some cards will offer a low APR (some are even available at zero percent) for the first few months. After the promotional period has passed, the credit card account reverts to the company’s “normal” interest rate, which may be several percentage points higher than what the customer has been paying.

Question: Will they ask about my bank accounts?

Since the lender is taking a risk that you will be able to pay back and credit you use, yes, you should expect to give evidence of things like how much money you make, how much cash you have access to, and how much debt you carry.

Question: Will they ask about my FICO score?

Your FICO or credit score is important, but the lender won’t ask you to provide this info. They can obtain it directly from on of the three credit rating services.

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It may appear that credit card fraud has been so rampant that credit card companies have taken it upon themselves to make life difficult for unscrupulous con artists. Credit cards nowadays have, aside from the magnetic strip on which all your details are contained and strip where you should place your signature specimen, security numbers (the three digits at the back of your card), and some have even integrated the chip and pin safety into the card itself (allows users to pay by plugging in a pin number). Another safety feature some card companies have incorporated is the issuance of Photo ID Credit Cards.

Photo ID Credit Cards are just your ordinary credit card except that a small photo of the cardholder is printed on a corner of the card itself. Usually, underneath this photo is the signature of the card holder, so merchants can check the photo image and the signatures on the front and back of the card; to see if the picture resembles the person using the card and if the signature affixed on the transaction document is similar to the ones imprinted on the card.

If you want to make sure that, even if your credit card is stolen, no one can be able to make unauthorized purchases on it; you can opt to secure a photo ID credit card. With this kind of credit card, you can be certain that whoever has it will have second thoughts about using it. In case, however, that you do misplace your card, even though you hold a photo ID credit card, it still is best to report it’s loss to the credit card provider so that they can immediately block any further purchases.

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When you’re ready to open up your business, or maybe you already have one, I wanted to show you how you can grab a credit card, regardless of a credit score. No matter what score you have, you will most likely be able to get approved.

First off, let me explain to you what a secured business credit card is…

Just like a regular card, this card is one where you’re going to have to supply a deposit. This deposit is going to be your credit limit. For example, let’s say that you sign up for Credit Card A. They ask for a $250 deposit. You give them the $250, and now you’ll only be able to spend $250.

What’s the point in this card?

It’s going to help you build your credit, and it’s also going to be able to allow you to spend again with credit. Now, the catch here is if you don’t pay your bills off in time, you’re going to find that the bank will be able to dip into your deposit account, and take the money out themselves.

I would highly recommend cards such as the PEX card, or a personal card from a bank called Public Savings Bank. I would only refer people with next to no credit, or people with bad credit. If you have a great credit score, you might as well go apply for a better card in my opinion.

The economy is going to pick up sooner or later, and you will find that more cards will hit the market, and you’ll also find that it’s going to be the best for your business.

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In this article we will answer the question can cell phones improve your credit and also give you other useful tips to boost your FICO scores?

Many people think that if they get a new cell phone account or a pre paid cell phone account and pay it on time that it will report to their credit and give their credit scores a boost. Sadly this is not the case and the only time these companies generally report to the bureaus is when they are reporting you late.

But if you want an account that is easy to get, will help you build a credit history and also improve your scores when used properly then you need to look at the secured credit card.

This type of credit card is simple to receive because you deposit the amount of the accounts limit in cash with the lender, so if you default they are protected.

These cards report exactly the same as a non secured account and in most cases once you have paid on time for 6 months or so the companies often will upgrade you to a low limit unsecured account and give you your initial deposit back.

If you decide to go this route just follow a few simple rules and your secured card will help you achieve your credit goals.

Tips For Using Your Credit Wisely

1. Do not max out the account or take the balance past 50% of the limit.

2. Do not pay late, a few days is OK but never pay 30 days late or the card can be can celled and your  scores will drop.

3. Do not get greedy and apply for a bunch of accounts once your scores increase, this can drop your score and temp you to over spend!

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If you’re the kind of person that lives off borrowed money, as in cash that’s extended from different lending companies, you are lucky – why? Because you of all the billions of people out there have a deeper understanding of the importance of credit history. Everyone that patronizes the services of this creditors knows that having a good credit score is but of the utmost importance when it comes down borrowing money. But not all of them have good history; some even should be ashamed of the scores they got, which inevitably leaves them with one option: suicide. Not the type of suicide where as to intentionally get yourself into a fatal accident, cut your wrist, or jump off a cliff into a pool of sharks (very effective method to get killed), but the type where you pay more than what you have to.

People with poor FICO scores know this; they have to put up with high interests rates and agree to ridiculous terms just to pull out a loan. I feel for you, and I completely understand how frustrating it can be. That’s why today I’m going to share with you a little trick you can use to make good with your creditors, by repairing your credit through a certain method – want to know what it is? Come closer, I’ll tell you: secured credit cards. Nothing fancy here, but it’s a sure fire way to build your credibility. Do you have any idea what it is anyway? If you don’t listen to this: secured credit cards are of course a credit cards, but they were “engineered” specifically for chumps with poor rating, or no rating at all.

The good thing here is that it functions the same way any credit card would, only with a stricter limit. Whatever you put in this security deposit, it’s generally the exact same amount you get to spend. Let’s take a look at the example that’s coming up, so that you can better understand what I mean: if you place $1000 into the account, you will be given a spending limit of $1000 dollars. This is a safety precaution against default payments; they anticipated the tardiness of people when it comes to paying, that’s why no withdrawals can be made while the secured credit account is open – clever little monkeys.

But hey, that’s good news for you, why? The reason behind that is you get better control over your expenses. Spending money you don’t have, as rendered by the regular cards, gets you into debt. A man given the opportunity to get his hands on goods will do so, especially if he’s given more than a month to pay for it. He’ll do so, even though he feels that paying it all back won’t be difficult. That’s when man finds himself deeper and deeper into the hole, to the point where there’s no way out. That then results to lower his score drastically, and then finds it harder and harder to apply for the loans he’ll really need.

All that could have been avoided if he had gotten a secured credit card instead, right? Opening an account doesn’t just grant you better control over your expenses, but builds your credibility in the eyes of the credit companies. They view such as a sign of “responsibility”, which makes you more trustworthy, which can lower the rates and improve the terms you agree to.

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