Building Your Credit Score

If you’re just starting out financially or if you’ve had a major financial setback, you may need to build or rebuild your credit score.  Although the two situations may seem vastly different, and to some extent, they actually are very different, but the steps that you need to take are essentially the same:  you have to build (or rebuild) a low or nonexistent credit score.  And, if you have no credit or low credit, it’s very difficult to actually get credit.  Fortunately, we offer a couple of really solid ways to get your credit score back on track.

First Progress Platinum Prestige MasterCard® Secured Credit Card1.  Get a Secured Credit Card

Unlike conventional credit cards, secured credit cards require that you put down an initial security deposit, and once you’ve made the security deposit, they’ll issue you a card that will work exactly like a conventional credit card.  You’ll have a credit limit (which is typically the amount of your security deposit), you’ll be able to use the card anywhere that you would use a conventional credit card (or debit card), and you’ll make payments on the purchases that you make with the card.  And, just like a conventional credit card, your secured credit card company will report your responsible usage, payment history, and available credit to the credit bureaus. This, in turn, will help you to build (or rebuild) the two most important parts of your credit score – your credit availability and your payment history.  Together these two factors make up more than 50% of your credit score, so you can see how quickly opening a secure credit card can help you to improve your credit score.

Fingerhut Credit Account2.  Open a Catalog Credit Card

Believe it or not, opening a catalog credit card account, like Fingerhut, is also one of the fastest and best ways to build (or rebuild) your credit score.  You see, unlike traditional credit card companies, Fingerhut Credit is known for their extremely high approval rate (nearly everyone gets approved for a Fingerhut account) and for their regular reviews of your credit limit.  That means that you’ll see your total available credit increase much more quickly with Fingerhut than you would with a conventional credit card account, and your responsible usage, payment history, and available credit will be reported monthly to the credit bureaus, again affecting those two major factors in your credit score, credit availability and payment history.

 

While there are other ways to improve your credit score, these two are the fastest, easiest, and best ways to build or rebuild your credit score on your own, without having to pay someone else to work on your credit report for you.  (We’ll get into those options another day, in another post.)

 

Getting a Fresh Start After Bankruptcy

Getting a fresh start on your credit after filing bankruptcy can be nearly impossible.

Your credit score bottoms out, typically you don’t have a lot of money on hand, and no one wants to extend any kind of credit to you. It can and will take years to recover, but did you know that there are ways to start improving your credit score as soon as the bankruptcy is finalized?

primor® Secured Visa Gold CardOne of the best ways to re-establish credit after bankruptcy is to open a secured credit card account.

With a secured credit card, there is usually no question whether or not they will open the account – you’ll just need the security (deposit) that they will hold against the account. In some cases, you’ll be limited to a specified credit limit, and in others, you can set the credit limit simply by putting more funds in the security deposit account. Either way, you can apply for and get a credit card relatively fast, and just like regular credit cards, secured cards typically report to the credit bureaus so you’ll start rebuilding your credit right away.

Secured credit cards can help in two ways:

  1. A secured credit card helps you to rebuild the amount of available credit on your credit report. This is a very important part of your credit score, and the more available but unused credit that you have, the better it affects your credit score.
  2. Demonstrating responsible usage of your secured card, including making timely, regular payments, can also affect your credit score in a very positive way. Credit is measured not only by available credit, but by the length of time that you hold accounts, and by your history of timely, regular payments.

Not sure which secured credit card is right for you?

Here’s one of our top picks:

How Effective Are Secured Credit Cards in Credit Repair

Think you can’t get a credit card anymore?  Have you been affected by the recession?  Lost your job?  Lost your home in the housing bust?  You’re not alone.  Millions of people have been laid off, millions have lost their homes, and millions of people have lost their good credit standing as a result of the recession and it’s affect on their financial circumstances. 

Read more on How Effective Are Secured Credit Cards in Credit Repair…

Bad credit credit card – A bad credit credit card

“Bad credit card card” is used to refer to credit cards that can be obtained even with a bad credit rating. The bad credit card cards provide opportunity to people (with bad credit rating) to improve their credit rating. In that sense, bad credit credit cards act as rescuer for such people. So, bad credit credit cards also act as necessary a training ground for people who have not been able to control their spending urge in the past.

Bad credit card cards are commonly known as secured credit cards. The bad credit card card (or secured credit cards) requires the individual to open up an account with the credit card supplier and maintain some cash balance in the account. Why is that required? Well, credit cards are a business for the credit card suppliers; so how can they trust someone who has defaulted on his/her payments in the past? After all, a business is about profits and such risks are a threat to profits. The bank or the credit card supplier will generally pay interest on the balance in your account. However, it’s best to check this with the bad credit card card supplier/bank. The credit limit on the bad credit card card is determined by the cash balance in the account and is generally between 50-100% of the cash balance. These bad credit card cards are also referred to as debit cards, owing to the fact that they work less in a credit-giving manner and more in a debit-giving manner.

There are plenty of bad credit card cards available in the market. When searching for the bad credit card card that is best suited to you, you should consider 4 things in particular: the minimum balance that you are required to maintain in the bank account, the credit limit that you will receive (i.e. the percentage of your bank account balance that you are allowed to spend on your bad credit card card), the fees/other-charges applicable to the procurement of bad credit card card and the rate of interest that you will receive on the balance in your bank account. An ideal bad credit card card would have no fee/other-charges associated with it and would require zero or a very small amount as minimum bank balance. It would also have something like 90-100% of bank balance as its credit limit. Moreover, an ideal bad credit card card would also offer a good interest rate on the bank balance.

Bad credit card cards are really a good concept that provides respite to people with bad credit rating by letting them enjoy the benefits of credit cards while they mend their credit rating.

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How Prepaid Debit Cards Can Help Establish Credit

If you’re having trouble getting approved for a credit card, a prepaid debit card may be just what you need. Unlike many regular credit cards, prepaid debit cards do not perform a credit check when you apply. So if you’ve had trouble with credit or have no credit, you’ll still be approved for a prepaid debit card. And these cards come with other benefits as well. A prepaid credit card can be the first step down the path to better credit.

How Prepaid Debit Cards Work

Prepaid debit cards are similar to both credit cards and debit cards. After getting approved for one, you’re able to deposit money into your new account. This is often referred to as “loading.” The amount of money you load on to your card is equal to your line of credit. When you swipe the card, the money is subtracted from the amount you deposited. As long as you have money on your card, you can make purchases. You can use the card anywhere that debit cards are accepted.

Having a prepaid debit card is similar to opening a checking account on a card. You can deposit money whenever you need to, and spend within your account limits. This system helps keep you far away from credit card debt.

Benefits of Prepaid Debit Cards

One big advantage of prepaid debit cards is that they are safer to carry than cash. You can shop for groceries, get gas, and purchase other items without the hassle of dollar bills crowding your wallet. And prepaid debit cards are accepted all over. If you have a card with the MasterCard or Visa logo, it can be used worldwide.

Another benefit of a prepaid debit card is that you don’t have to worry about paying monthly credit card bills. Since the amount at your disposal is equal to the balance in your account, you don’t spend money that you don’t have. This saves the headaches involved with high monthly bills and balances.

It’s easy to load money on to your prepaid debit card. Most cards let you reload any amount of money by calling and authorizing a transfer of funds. You can also do this online or through an ATM. This lets you control how much you want in your account.

Exploring your Options

Companies offer different types of prepaid debit cards. Before you sign up for one, check for additional fees and features. One card that lets you transfer money for free is the ReadyDebit card. With no credit checks and no security deposits required, you can begin using the card right away. It’s issued through Visa, so you can use it wherever Visa is accepted.

Another one to check out is the Prepaid Visa RushCard. With this card, there are no annual or monthly fees. You can use the card online or over the phone to make purchases. The Prepaid Visa RushCard also offers some shopping discounts at participating retailers.

A prepaid debit card may be just what you need to give your credit a boost. Check through the different options through credit card websites. The application process is easy. Once you get the card, you can start taking steps to get back on track in the credit card world.

Click here to compare current prepaid credit & debit card offers!

About the Author:  Robert Guthrie invites you to find out about chronic fever, constant hunger and other information? Get tips from the Health And Nutrition Tips website.

Bad Credit? Acquire A Good Credit Card Deal Regardless!

You must have heard people say – ‘I got a good credit card deal’. So if you happen to be looking for a credit card at that moment, do you just go with what your friend has told you as a good credit card deal?

Let’s check what one can term as a good credit card deal. A credit card deal is good if it works for you. So, if the credit card fits into your lifestyle in a way that rakes in maximum benefits for you, that is a good credit card deal. The most important thing to realize here is the word ‘your’ as in ‘your lifestyle’. So logically speaking there is nothing like a good credit card deal.

What it is – is good credit card deal for ‘you’ i.e. the individual who is going to use that credit card. This is because the lifestyle and the needs differ from person to person (and that is precisely the reason why every credit card supplier offers so many different kinds of credit cards). It might be true in some cases (where the lifestyle of two individuals/friends is similar) that the credit card deal which is good for one be good for the other too, however, this is just in a few cases.

You can always check with your friend who has recently got a credit card deal, since that might cut down the time needed for researching/hunting-for a good credit card deal. However, it’s really a matter of evaluating your own needs. If you travel a lot and to far off places by air, a card that offers you good rewards/rebates/benefits on travel would comprise a good credit card deal. Sometimes the airlines themselves have their own credit card issuing/supplying company from where you can get a good credit card deal.

For people shopping at a particular retail store or a shop, a good credit card deal would be a card that offers discounts, rebates and rewards on shopping. Again, the retail stores themselves might have credit cards on offer that could be beneficial to you. Then there are credit card deals that are linked to gasoline stores or big grocery chains. If you don’t have any specific needs, you might use a general purpose credit card that gives reward points on every purchase you make on your credit card. These points can then be redeemed for cash/rewards. Hence, this card could become a good credit card deal for you.

Good, for credit card deals, is really a relative term and there is no credit card deal which is equally good for all. Its easy to get a credit card if you have a good credit history, but what about those of us who are not so lucky in terms of past credit? Here is when a bad credit credit card would help you.

“Bad credit credit card” is used to refer to credit cards that can be obtained even with a bad credit rating. The bad credit credit cards provide opportunity to people (with bad credit rating) to improve their credit rating. In that sense, bad credit credit cards act as rescuer for such people. So, bad credit credit cards also act as necessary a training ground for people who have not been able to control their spending urge in the past.

Bad credit credit cards are commonly known as secured credit cards. The bad credit credit card (or secured credit cards) requires the individual to open up an account with the credit card supplier and maintain some cash balance in the account. Why is that required? Well, credit cards are a business for the credit card suppliers; so how can they trust someone who has defaulted on his/her payments in the past? After all, a business is about profits and such risks are a threat to profits.

The bank or the credit card supplier will generally pay interest on the balance in your account. However, it’s best to check this with the bad credit credit card supplier/bank. The credit limit on the bad credit credit card is determined by the cash balance in the account and is generally between 50-100% of the cash balance. These bad credit credit cards are also referred to as debit cards, owing to the fact that they work less in a credit-giving manner and more in a debit-giving manner.

There are plenty of bad credit credit cards available in the market. When searching for the bad credit credit card that is best suited to you, you should consider four things in particular: the minimum balance that you are required to maintain in the bank account, the credit limit that you will receive (i.e. the percentage of your bank account balance that you are allowed to spend on your bad credit credit card), the fees/other-charges applicable to the procurement of bad credit credit card and the rate of interest that you will receive on the balance in your bank account.

An ideal bad credit credit card would have no fee/other-charges associated with it and would require zero or a very small amount as minimum bank balance. It would also have something like 90-100% of bank balance as its credit limit. Moreover, an ideal bad credit credit card would also offer a good interest rate on the bank balance.

Bad credit credit cards are really a good concept that provides respite to people with bad credit rating by letting them enjoy the benefits of credit cards while they mend their credit rating.

About the Author:  Emory Hodges.  Find tips about ammonia smell in urine and ammonia uses at the High Ammonia Levels website.

Review and apply for credit cards designed to give you a fresh start today!