Secured Credit Cards
Secured credit cards are designed for you if:
You have a very damaged credit report that has many negative items. These negative items have caused your credit score to drop dramatically.
Now you are seen by lenders as 'un creditworthy' and you likely found this out the hard way. When applying for credit you have been REJECTED, DENIED and NOT - APPROVED!.
Even worse you have probably gotten that look of judgment from a loan officer. Nothing makes you feel smaller than someone judging you especially when they no nothing about you or your circumstances!
I hope you are sick and tired of being embarrassed of your credit report and credit score. Because you can take action to fix this.
It has been learned that one of the best ways to rebuild a damaged credit score is by creating new positive marks on your report.
Opening a new major (Visa / MasterCard) and making on time payments is a great way to accomplish this. In addition it creates a positive payment history on your report.
This is a crucial piece of information when your credit score is calculated. Double check to make sure your secured credit card does report to the bureaus - otherwise their is no point in getting it.
How It Works
First, you have to make a deposit typically between $500 and $10,000. This deposit is FDIC insured and will earn interest for you.
It simply secures that the bank will get their money in case you default. It is fully refundable when you close your account on good terms.
Your card will be issued a credit limit equal to the amount of your deposit. For example; if you deposit $500 the limit on your credit card will be $500.
You will still be responsible to make monthly payments. Your APR % will be between 9.99% and 19.99%.
Typically there is no credit check and only a deposit verification and identity verification before you are issued your card and on the path to building positive credit.
We recommend the Applied Bank Secured Visa. They offer 100% guaranteed approval - no credit check - no employment verification - no minimum income requirement.
And a low 0% APR on purchases and a low 9.99% APR on cash advances. With a deposit minimum of $500.
How else can you fix your credit?
While it is important to create new positive items on your report. It is just as important to remove negative marks.
This is typically how a score is dragged down. And contrary to popular belief you can remove negative items from your credit report.
You can dispute any item on your credit report 'that you feel is inaccurate' - that is directly from the Fair Credit Reporting Act.
This great piece of legislation gives you a method to fight back. It says that once the bureaus investigate your dispute if the mark is not verified by the original lender then it must be removed.
Did you know that in a recent study it was found that 73% of bureaus investigations result in an item being erased from a credit report.
So why do you hear it is so hard to repair your credit? Good question, and unfortunately this is where legislation is lacking.
For an investigation to occur the credit bureau must deem your dispute valid. Needless to say the bureaus have a laundry list of reasons for basically ignoring dispute letters.
The reason for this is it cost the bureaus potential profits and man hours every time they have to investigate a dispute. Thus for their bottom line their goal is to investigate as few disputes as possible.
But the bureaus must comply with federal law that requires them to conduct investigations.
To cut through all this bureaucracy and intentional stall tactics. Many consumers have turned to credit repair attorneys to handle the dispute process for them.
While you can dispute items yourself. We recommend a credit repair attorney. It can be done very affordably.
When it comes to your credit score a three digit number that will cost you or save you hundreds of thousands of dollars over the course of a life time.
It is worth the investment.
We suggest the Lexington Law Firm. Their rates are as low at $39/ month with a $99 account set up fee.
They have been in business since 1991 with over 1/2 million clients served. In 2008 they successfully disputed and removed 665,515 negative items from individuals credit reports.
If you want to continue to live in embarrassment about your credit then don't act and assume the problem will just fix itself.
But if you want to get your finances back on track, and stop wasting hard earned money on high interest rates and fees.
Take action today and get a FREE credit consultation. Call 1-800-483-0256.
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