Poor Credit Credit Cards

Secured Credit Cards Can Be Good

If you are unable to get a normal card because of poor credit, all hope is not lost. A secured credit card is different in that it utilizes funds a consumer has placed in a savings account. The secured card is protected by the savings account. Therefore the consumer is “borrowing” from his or her own account. In this way the consumer can re-establish their credit repayment history thereby exhibiting improved credit worthiness. Some secured cards even come with a conversion feature allowing an upgrade to an unsecured credit card after a successful repayment history of a pre-determined length of time.

Credit cards in general can be exceptionally beneficial to the consumer. Secured cards provide all the same benefits. But additionally a secured card offers the consumer with less than good credit an opportunity to build credit history, which is 35% of a consumers credit score.

You can obtain a list of financial institutions offering secured cards by sending a $4 check or money order to:

Secured Credit Card List BHA Customer Service

524 Branch Drive

Salem, VA 24153

There is also a free list on line from Bankrate.com or you can find a list of financial institutions offering secured credit cards using your favorite search engine by simply searching for the key words “secured credit card“. Be aware that different companies offer different terms, with fees and rates varying widely. Obviously some companies are better than others. Some just want to charge you fees while others provide a fair service. (See below for potential problems with some companies.)

My best recommendation is to check with larger banks and especially credit unions locally and ask if they offer a secured card program. You might also ask them if they report to all 3 credit bureaus and how often they report since one of your main concerns is rebuilding credit. Also check to see if they offer a conversion to an unsecured card and after what period of time.

Secured Cards Can Be Bad

Many years ago I wrote an article saying that credit and credit cards are the agony and ecstasy of life. I have not changed my opinion. Like all credit cards, a secured credit card can make the impossible possible. But it can also drive the unsuspecting consumer into the ground or even worse Bankruptcy Court. Fortunately a secured credit card will not permit you to spend more than your savings amount. However, should you fail to make on-time payments, you may find yourself not only without access to your secured account, but without future use of any secured card from any source.

When selecting a secured card, be on the lookout for excessive administrative and set up fees as well as high interest rates. There should be no application fee nor “insurance costs” unless you feel insurance is necessary. There may be an annual fee but shop around for interest rates and annual fee costs.

The Federal Trade Commission (FTC) offers the following warnings. Be aware of: Offers of easy credit. No one can guarantee to get you credit. Before deciding whether to give you credit, legitimate providers examine your credit report.

A call to a “900″ number for a credit card. You pay for calls with a “900″ prefix. You may never receive a card.

Credit cards offered by “credit repair” companies or “credit clinics.” These businesses also may offer to clean up your credit history for a fee. [Most consumer advocates recommend against these clinics.]

Of special note are callers offering secured credit cards as well as offshore secured and unsecured credit cards. There are some very good offshore-unsecured creditors but most marketers of secured or unsecured offshore versions are more than likely scam artists.

Report suspected credit fraud and scams to the National Fraud Information Center (NFIC), a project of the National Consumers League. They are available at 800-876-7060, 9 a.m. – 5:30 p.m. EST, Monday – Friday. NFIC is a nonprofit organization that operates a consumer hotline to provide services and assistance in filing complaints. NFIC helps the FTC and state officials by entering complaints into a computerized database to help track and identify fraud operators.

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here they are sorry for the picture Lyrics: (Hey, Hey) She had her eyes on the prize as the girl next door You grow up quick when you grow up poor It’s the only way to LA that she knows The Hollywood pose: teeth, tits, and drawers It didn’t take her long to leave the boulevard So many Five Star friends with black credit cards She’d try anything once Cause anything goes It never comes easy when you’re digging for gold (Hey, Hey) Well she ain’t no Cinderella When she’s getting undressed ‘Cause she rocks it like the naughty wicked witch of the west Far too pretty to be giving it cheap That’s why she’s making six figures working three days a week Yeah she’d even break a promise in the promise-land She didn’t make it this far by just shaking hands She’d take your money make it twice as hot as anyone can She didn’t make it this far by just shaking hands (Hey, Hey) I doubt she’d even let the devil buy her little black book City Hall would probably fall off if anyone got a look [ Find more Lyrics at www.mp3lyrics.org/riwQ ] Every aimless player is a favorite friend B/c they all taste the fame in the back of a vans A congressman would call her every once in a while Got the school girl skirt on the top of the pile She’d done everyone once And everyone knows You got to get a little dirty when you’re digging for gold (Hey, Hey) Well she ain’t no Cinderella When she’s getting undressed ‘Cause she rocks it like the naughty wicked witch of the west Far to pretty to be giving it cheap …

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Poor credit debt consolidation loans are a great option for any individuals who do not qualify for traditional loans due to their bad credit score. If you have bills to pay and little or no money available in your budget it may seem as if you have no options available to you. However, a consolidation loan could give you that time you need to pay off your debts and start improving your credit score.

When you sign up for a debt consolidation loan you will be combining all of your debts, small and large, into one monthly payment (usually at a low interest rate). This should be easier for you to manage, as well as giving you time to prepare for payments due to the fact that there will be a break before you start paying off the loan. And the good news is that these loans are even available to those with bad credit.

There are a number of benefits to this kind of poor credit loan, including the fact that you will be able to get hold of money where all other methods are closed to you. It will also give you a chance to regain control over your finances and to improve your credit score. Over time, your improved score will give you access to a number of more favorable loan options.

It is important to shop around for your loan. When it comes to poor credit debt consolidation loans you may find that only above standard interest rates are available to you. However, with a little Research rates should be easy to manage.

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In these current times despite a poor credit rating it is still feasible for someone to obtain a credit card from the multitude that currently flood the market. However, people who are finding themselves in a poor credit situation will find that Mastercard and Visa are the two companies most likely to agree to issuing a card. The question is really, what guarantees a bad credit Mastercard a superior choice to try for before Visa?

Outlets around the world accept both forms of credit card and although Visa appeared to have more places it could be used, that is not the case as both of them are now much more closely matched. Nonetheless, these days you might discover that it is actually Mastercard that’s acknowledged and received in a greater number of establishments.

For individuals with a bad credit record, probably both of these cards will come out similar and they probably would be happy to accept either of them. There is every possibility the advantages of both will be very close to the other cards, they will more than likely discover that the interest amount charged by the two parties will be more than normal. Still, providing the person issued a Mastercard only ever uses it in a responsible manner, and sees to it the installments are met regularly, they will soon see improvements in their credit history. An added bonus to this will be the lowering of the interest rate you normally have to pay on the card later on, once the state of affairs has resolved itself.

As with all things financial, it is a good idea to look over the terms and conditions you need to respect if you are trying for a bad credit, credit card. Like virtually every subject you care to mention today, the smartest way to learn more and study the choices you have is to use the power of the Internet. Those with a poor credit score can see clearly which companies will issue a Mastercard to a person who is experiencing this situation.

Because there are a few you may be entitled to try for it is a good idea that you’re conscious of precisely what benefits they offer so we will take a look at these below:

1. Continental Finance Gold MasterCard

Should you choose this card you can be certain, information is transmitted to the three primary credit accounting bureaus on how responsibly you are utilising your card which offers an up-to-date means of repairing your credit score. Then, if a person looks after their card in a responsible manner, making regular payments that are on time, it is not unusual for the credit card supplier to increase their spending limit in acknowledgment of this.

2. Orchard Bank Platinum MasterCard

Quite often, credit card companies will call for an up-front payment prior to supplying the card which can be awkward for numerous individuals but that is not the situation with this card and in spite of this they still offer protection on all the goods it is used to buy. The Orchard Bank Platinum Mastercard, just like the Continental Finance Gold Mastercard, send details regularly to the three credit bureaus which can rapidly amend your rating. The two primary advantages to this specific credit card over others Including couples close in April and had to reduce the annual fee that helps a lot for those who are in a good way of being.

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You are not alone. You have plenty of company. There are more than 30 million people in the United States with credit blemishes severe enough (score under 620) to make obtaining loans and credit cards with reasonable terms difficult.

Payment history is the single most important factor in determining your credit score, making up 35% of the total. Since recent history carries more weight than what happened five years ago, getting in the habit of making on-time payments. This is a powerful way to start rebuilding your credit rating.

Likewise, delinquent payments can devastate your score. Missing even one payment can knock 50 to 100 points off a good score. Skipping payments for a single month on all your bills can lower your number from a respectable 707 to the dismal range of 562 to 632.

These are 4 steps that will help to improve your credit rating:

1. Order Reports

Contact the big three credit bureaus, TransUnion, Experian And Equifax and order your credit reports. It’s difficult to try to repair something if you don’t know what they say about you. Remember that all creditors don’t necessarily subscribe to all three bureaus. Toll free phone numbers are shown below to help you order your reports.

TransUnion – 800-888-4213

Experian – 888-397-3742

Equifax – 800-685-1111

Don’t waste your time and money. Order a report from each bureau. The costs vary from state to state but normally cost less than $10.00 each.

Also remember that if you have been denied credit, insurance or employment because of your credit report you are entitled to free copy of your report. The company that turned you down must give you the credit bureau and contact information. There is a time limit of 60 days after being denied to request your free copy.

2. How to read and understand your credit report.

Interestingly, credit bureaus generate your report based on information they receive from creditors. They DON’T verify the information.

If the bad information in your report is true, only time and improved financial habits can correct that. Late payments and charged-off accounts remain on your report for seven years; bankruptcies for 10. Most creditors, however, look for a pattern of payment rather than focusing on one-time or rare occurrences; so consistent on-time bill payments will improve those blemishes.

3. Dispute and document

Remember, a bad report costs you money. So, it pays to be thorough! You can either complete the dispute form provided with your credit report or write a letter. Clearly identify each mistake and state why it’s wrong. One constructive idea is to send a photocopy of your credit report with the errors circled to the reporting credit bureau. Include copies of any documents that will support your case.

Document all communication with the credit bureaus. Keep copies and records of all the forms, letters and documentation. Make sure to date everything that you do and be sure to send it by Certified and Return Receipt Mail from your local Post Office. Remember that the credit bureau must investigate any relevant dispute within 30 days of receiving your letter. Any item that is not verified as accurate by a creditor is removed.

Sometimes it’s necessary to contact your creditors to resolve mistakes. Always treat the creditors with respect as you want something from them. No matter how strongly you feel keep a lid on your temper. The person you are speaking to is just doing their job. Remember the old honey and vinegar saying.

If the credit bureau makes any changes to your credit file, it will send you the results and a free, updated copy of your credit report. Once a negative item is removed from your report, the credit bureau cannot put it back on unless a creditor verifies its accuracy and completeness — and sends you written notice.

4. Resolve debt issues

Now’s the time to devise a plan that reduces your debt and allows you up to pay on time, every time.

If you’re having difficulty making payments, be proactive. Call your creditors and negotiate to keep your accounts current and from being reported as delinquent or “bad debt.” You can ask for reduced monthly payments, or even change due dates to Your monthly balance. You will be surprised to be useful when you approach a business as the cost is less to do with the management of legal action.

This process is relatively slow, but patience Good luck!

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Credit Repair is the Solution

Credit repair works. There is no reason to sit around and wait for your credit to get better by itself. In fact, although time is likely to liberate you from some of the issues on your report, you are more likely to be chagrined by the almost inevitable fact that many of the issues will linger well beyond the reporting period limits the bureaus are supposed to abide by. Credit repair is the solution.

It is Up to You

There are many reasons that you must become proactive about your credit. The best case in favor of applying credit repair techniques sooner, rather than later, is that every day you live with poor credit is costing you something. It may be effecting what you pay for the money you borrow, the cost of your insurance premium; it may affect your ability to get employment; it may even keep you from the rental apartment of your choice.

Time is Money

Every day you delay is costing something. Credit repair offers an alternative. It is true that there are likely to be some items you will have to live with until the seven year reporting period has expired, but it is also likely that the derogatory events of the past have spawned reporting errors that are pulling your scores well below their accurate level.

Errors Abound

The errors that are most susceptible to a credit repair effort are many and varied. One of the most prevalent forms of error is also the most tenacious, often lingering for years after the reporting limit has expired. This error is precipitated by the sale of a defaulted debt by an original creditor to a third party collector.

Sloppy Collection Reporting

In the case that an initial collector in unable to collect, they will usually sell the debt to a tertiary collector, who will then try his luck. This sale of unproductive debt is a standard practice in the collection industry and perfectly legal. The problems arise when each successive collector fails to withdraw their reporting at the time of sale, as they are supposed to do.

Crazy As it Seems

The need for credit repair in these cases is further reinforced when collectors inadvertently renew the start date of the collection, thereby resetting the reporting period clock. It is not unusual for a single genuine collection to generate as many as a half-dozen erroneous, expired collection accounts on a victims credit report. As crazy as it seems, these little systemic failures can haunt credit reports for decades.

Easily Fixed

Credit repair is the solution to these lingering issues. As tangled as it all seems, the process of purging your credit report of these items is very quick. But it takes decisive action. You will need to examine your reports, line by line, with an informed eye, and find the violations. Once located, the issues can be easily rectified by disputing them with the credit bureaus.

Use a Professional

There are many similar system failures that can haunt credit reports for years. In all cases the problems can be resolved with an intelligent application of credit repair. The most effective way to harness the power of credit repair is to consult a professional. It can be difficult to undertake the task on your own. To get the most out of the job requires detailed knowledge of the laws that govern the reporting industry. Hiring a professional can be very affordable and usually makes the most sense.

Wake Up Call

Wake up to the potential of credit repair today. You life is too important to be needlessly victimized by the errors generated by an imperfect system. Take action today and shorten the lifespan of these score damaging mistakes. Take care of your credit and you You will find that handle your credit card Good luck!

Copyright © 2010 James W. Kemish content. All rights reserved.

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A credit score is a number that represents a person’s creditworthiness. Creditors and lenders look at this number to determine the terms with which they want to use before doing business with applicants. Typically a person with a high credit score will garner favorable lending or financing terms, usually in the form of lower interest rates. Low scores may bring more challenging terms for applicants.

The most popular scoring model used today is the FICO scoring model. FICO credit scores can be calculated from the files found at two credit reporting agencies. These are Equifax and TransUnion. Scores range from 300 to 850. The closer one gets to 850, the easier it should be to get credit.

There are many factors that can influence this very important number. To maintain a good score, consumers should try their best to demonstrate responsible credit management. A good credit score will be reflected by good credit history. This doesn’t always mean paying off statements in full. It can also mean paying the amount that is owed at the specified and agreed upon time.

There are many pitfalls that consumers find themselves in when it comes to credit card usage. Consumers should avoid these scenarios to prevent detrimental marks added to their scores.

o Late and unpaid balances – shows poor responsibility and financial management

o High balances – a potential Log in financial stress.
Or too many cards – add weight to any request for the application. Other loans.
or close the old card – bad credit history and increase the credit line. (Debit Credit) money.

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This week Thomas Fox, Community Outreach Director, talks about the options for securing credit when individuals have a poor credit profile.Learn Now or Pay Later is a weekly personal finance series produced by Cambridge Credit Counseling Corp. These webisodes focus on topics such as the economy, credit reports and scores, budgeting and identity theft. The goal of this educational series is to better prepare the public to deal with matters pertaining to credit, debt and money management.

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