Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Thursday, February 5, 2009
The Applied Bank credit card is a secured card. This is how it works; you open an account with Applied Bank, you make a deposit, and you are then issued a credit card.
The deposit is designed to secure your account should it default. The limit on the card will be equal to the amount of the deposit, which can be between $200 and $5,000.
You will still have monthly payments and a fixed APR of 9.99%. Additionally your card will report to the credit bureaus.
Because your account is secured by the deposit, no one will be turned down and there is no credit check required. The annual fee for the card is $50.
This card is issued as a visa and is accepted everywhere the visa logo is displayed. By making on time monthly payments you will be able to create a trail of positive payments.
This can help repair a damaged credit score, but we also recommend that you eliminate negative information from your credit report.
Dont think that you just have to live with a poor credit rating; you may contact the credit bureaus to dispute the negative items and have them erased.
Contacting the credit bureaus to dispute derogatory entries is the most effective way to improve a low credit score. Many people believe that negative items must stay on your credit for seven long years.
However, this is completely untrue! According to The Fair Credit Reporting Act, seven years is the maximum amount of time that an item can remain on your credit report"no mention is made of a minimum amount of time.
Many debt collectors have been sued and forced to pay fines for violating this law by manipulating the system and leaving a negative mark on an individuals credit report for more than seven years.
In addition, it is common for credit reports to contain errors"in fact, estimates say that 25% of the population has inaccurate information on their credit report.
Despite the fact that having a credit card can help you build credit and have a positive reporting account, it is important to get rid of the harmful marks as well.
A lot of people underestimate the importance of your credit score, but a poor score can impact your employment, financial wellbeing and self-respect. There are few words more humbling than Im sorry, but youre declined being spoken by a loan officer.
However, it is still possible to live the lifestyle that you deserve. By building positive reporting accounts and eliminating the damaging items, you can achieve a higher credit score.
The deposit is designed to secure your account should it default. The limit on the card will be equal to the amount of the deposit, which can be between $200 and $5,000.
You will still have monthly payments and a fixed APR of 9.99%. Additionally your card will report to the credit bureaus.
Because your account is secured by the deposit, no one will be turned down and there is no credit check required. The annual fee for the card is $50.
This card is issued as a visa and is accepted everywhere the visa logo is displayed. By making on time monthly payments you will be able to create a trail of positive payments.
This can help repair a damaged credit score, but we also recommend that you eliminate negative information from your credit report.
Dont think that you just have to live with a poor credit rating; you may contact the credit bureaus to dispute the negative items and have them erased.
Contacting the credit bureaus to dispute derogatory entries is the most effective way to improve a low credit score. Many people believe that negative items must stay on your credit for seven long years.
However, this is completely untrue! According to The Fair Credit Reporting Act, seven years is the maximum amount of time that an item can remain on your credit report"no mention is made of a minimum amount of time.
Many debt collectors have been sued and forced to pay fines for violating this law by manipulating the system and leaving a negative mark on an individuals credit report for more than seven years.
In addition, it is common for credit reports to contain errors"in fact, estimates say that 25% of the population has inaccurate information on their credit report.
Despite the fact that having a credit card can help you build credit and have a positive reporting account, it is important to get rid of the harmful marks as well.
A lot of people underestimate the importance of your credit score, but a poor score can impact your employment, financial wellbeing and self-respect. There are few words more humbling than Im sorry, but youre declined being spoken by a loan officer.
However, it is still possible to live the lifestyle that you deserve. By building positive reporting accounts and eliminating the damaging items, you can achieve a higher credit score.
About the Author:
For a Free Credit Consultation Call 1-800-253-3735 . For more about the www.appliedbank.com or for more about Baby Phat Rush Card a popular prepaid credit card.
posted by Credit Counseling at
3:32 AM
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