What Is A Secured Credit Card?
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.
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Student Credit Cards – How Do Credit Cards Work?
With great power comes great responsibility. Using credit cards have that infamous reputation of burying someone in debt. Be sure to meet your dues on time and control your credit card before it controls you.
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How Credit Card Use Affects Your Credit Score
Secured credit cards are ideal tools in managing your finances and if you want to boost your credit score. Additionally, they are practically an essential these days if you ever want to travel, as most airlines, car rental companies and hotels need a credit card to use their services.
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Good Credit Card Habits With Jainie Fitness
Credit cards are ideal tools in managing your finances and if you want to boost your credit score. Additionally, they are practically an essential these days if you ever want to travel, as most airlines, car rental companies and hotels need a credit card to use their services.
However, if you aren’t careful with how you use yours, it’s not going to do you credit score any good. Watch this video to learn good credit card habits.
Keeping a Student Loan Credit Score Friendly
Student loans can indeed affect your credit score. You can make it favorable to you, though. Here are some tips:
1. Always pay on time
Poor credit score is always bad news, even for students. Paying on time will show on your credit report and will yield a good payment history. If you’re a student that has a credit card and a student loan, they could actually be a plus to your credit score. They are telltale signs that you can handle your finances well.
2. Be in control of your credit card debt
It affects your credit score more remarkably than an actual loan, however it doesn’t imply that you should focus on it more than your student loan. Student debt doesn’t go away even if you file for bankruptcy in the future.
3. Communicate with your lenders
Inquire with your lenders if you feel you can’t keep up so that you can talk about how you can eventually get back on track with your loan. They could give you a 30-day or 60-day reprieve on your loan, so you need not worry about your payments in the short term.
4. Regularly check credit reports
This should be regularly done by college student so they are in the know of their payments and their loans. Know that some lenders do not give reports to all three credit bureaus and loan reports are not always the same. Be cautious with unauthorized purchases or loan approvals as well and make sure you refute them.
Prior to applying for a student loan, see to it that you can handle it well. It need not be a negative on your credit, given you know what to do to make it work for you-as a student and as a future college graduate.
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Secured Credit Cards For Good Credit History
Secured credit cards are ideal tools in managing your finances and if you want to boost your credit score. Additionally, they are practically an essential these days if you ever want to travel, as most airlines, car rental companies and hotels need a credit card to use their services.
The main issue is that hunting down companies that give secure credit cards in this day and age can pretty challenging. The purpose of this post is to give you the inside “scoop” on finding such types of credit cards. This way, you can be on your way to having the convenience and credit building benefits that they boast of.
What is a secured credit card? When a certain person is not qualified for a “regular” credit card, maybe due to a poor credit history or due to the fact that they have yet to establish credit, their best option is a secured one. “Secured” simply means that anything you charge on the credit card is covered by your own money, for the most part in your own bank account.
That said, your credit line on these cards depend on the amount of money you have in your account to back your charges on the card.
In some cases, local credit unions and banks give these types of unsecured cards, but they are seeming to slowly sink and becoming a thing of the past, even despite the growing need in this tough economy where many people’s credit is falling apart.
One thing to be aware of is unscrupulous companies that charge ridiculous fees and “no name” cards that can only be used in their catalogs to buy their merchandise. What you must have is a secured Visa or MasterCard. These are the types that can be accepted everywhere. These will give you convenience and credit building qualities you have been dying to have.
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The Skinny On Gas Credit Cards
Did you know that getting a “Gas Credit Card” from your local service station will be beneficial for you in the long haul? It usually doesn’t cause you too much trouble attaining one as they aren’t really strict about your credit problems and they aren’t big fans of credit score checking. This can especially help you when your credit score dips low or you don’t have credit history at all.
Majority of local service station use major credit card companies namely MasterCard or Visa to help them in issuing gas card to clients. When you already have your Gas Credit Card in hand and you have been using it already, the monthly bills will be paid to the credit card company which backed up the service station you got your card from. The particular credit card company then reports it to the three credit bureaus that will keep track of your credit rating.
This may sound a bit of a no-brainer but it will definitely help you in boosting your credit score so you will eventually be able to score big shot items on credit. This will not happen, though, if you don’t pay your bills on time and in full payments.
If you have been good at paying even your account, they might deem you as someone trustworthy who painstakingly takes account for his or her responsibilities. And this might be your ticket to getting other cards, but be careful not to overextend yourself and you might just have credit score problems.
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Repairing Your Credit Score The Right Way
Soon after you find out about all the negative information from your credit report, take measures to remove it especially when the negative information is not really yours. You can do this when the duration for a delinquency or bankruptcy has expired.
These are cases in which even after you have negotiated with your creditor and after having an agreement of settling everything with a fee with the understanding that either “Paid” or “Paid as agreed” will be entered on your report, your report shows that you are still in debt.
When this happen, you must take immediate action to remedy this problem with your credit score. First thing you can do above all things is to send a dispute letter to the credit bureaus and request that they delete such erroneous entry from your report.
You may send this letter with the use of fax, certified mail or standard first class mail.The standard first class mail is your best bet, considering you will be getting a mailing certificate guaranteeing that they have received your letter. You must have a copy of each document you send as a proof.
Next appropriate thing to do is to apply for a credit card, a departmental store or gasoline card, and then use it with caution. The deposit you pay to the credit card issuer will equal your spending limit. Given that the main reason behind getting a credit card is to repair your credit score, see to it that you don’t spend beyond 30 percent of your limit.
The reason is so obvious. The less you spend, the higher the increase on your score. The more frequent you go beyond 30 percent limit, the lower your score plummets. It’s suggested that you remain within such boundary so as to boost your credit score safely.
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Things To Consider About Credit Scores
The exact details of a FICO (Fair Isaac Corporation) score are never known by the public. After knowing your score, do you always wonder what factors are considered to come up with it?
Being late on certain payments will never fail to negatively affect your credit score. Payments that are received more than 30 days after due date is deemed late. Most of the creditors report all payments that are behind and usually sort them out in different batches. That being said, if you are late even for only one day, your account is more likely be reported alongside those that are 59 days late. Yes, that could happen.
Your credit balance gives your lenders substantial idea regarding the cash you have on you and your credibility as a borrower. High balances almost always have a negative impact on your credit score.
Don’t think of opening tons of credit card accounts all at the same time since this may cause an issue with your lender. Because of this, you might be up for multiple credit inquiries considering it will seem that you are extremely strapped for cash, which would not be doing any good to your credit score.
If you max out your credit cards, it’s not only you that will suffer but so will your credit score. See to it that your balances are less than 35% of the available credit. It could sound pretty difficult, but you can totally do it.
The longer your credit record is, the better it will be for your rating. Have mixed types of credit card and do not think of closing down old ones since these will help you improve your score.
With more time and effort you can pretty much increase your score. Don’t let your credit score overpower your life. You can always do something about it if you’re not satisfied.
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Q&A: How do I build credit when I don’t have much?
Question by Heather: How do I build credit when I don’t have much?
I am trying to build credit, but no one will give me a credit card. I have a car loan in both my husband and my name and we always pay early, but that doesn’t seem to be enough. When I apply for credit cards they always say “insufficient credit”. How do I go about building credit and getting a credit card?
Best answer:
Answer by Kath6
You might try joining a credit union, if you can, and open a checking or savings account. After you’ve been a good customer there for awhile, you may be able to take out a small personal loan for something. (When my son was 16, he got a loan for $ 400 to buy a drum set.)
Another way you can get credit is to get a secured credit card. First Premier Bank is one such card. You have to basically put an amount of money up front and then you use it for small amounts, say $ 20 or so and pay it off every month. You’re really using your own money, but it shows that you’re responsible and a good credit risk. The catch is, you must repay it on time every month. You don’t want it to grow and not be able to pay it off. Only charge a very small amount each month. After a few months of doing this, your credit will improve and they may offer you a better card. But, be careful. Credit cards are very dangerous to use. If you absolutely cannot pay off whatever you charge every month, do not use it! Remember that your credit score is very important. It is the key to getting good interest rates on car loans and mortgages. Safeguard it well. The sources below will help you more. Good luck.
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