What Can Secured Credit Cards Do For Me 泰方全面搜捕英拉 赤裸女子高速自尽

Finance Major problems in life, such as a recent job loss, divorce, accident and illness, are just some of the things that can inflict damaging effects on a person’s credit history. When things like these happens, people usually resort to borrowing funds which they can’t eventually pay back. Not being able to pay their creditors is the common reason of having a bad credit rating. Do you also worry about bad credit? But do you want to re-establish your credit history? Well, worry no more, because this article will discuss what you can do to rebuild credit. You can achieve this by applying for a secured credit card. What Secured Credit Cards Are Secured credit cards, also known as credit cards for no credit, is a credit program offered to individuals who are yet to establish their credit history and to those who may have histories of bad credit. This type of credit card usually requires an applicant to submit a collateral, in a form of an initial deposit. This initial cash deposit actually serves two important functions. First, it serves as the credit limit for secured credit card. This means that you can only charge your purchases and bills on the card only up to the value you have deposited onto the credit card account. If you were required to deposit $200, that will be the maximum amount you can charge to your card. You cannot go over this limit. If you do so, your credit transaction will be declined, and you may be charged with declined transaction fees. The second purpose of the collateral is for security. Should you default on your payments; the credit card company can tap into your initial deposit to pay for your unsettled charges. Credit cards for no credit or bad credit usually have the following requirements: a checking or savings account, a filled out application form and of course a complete credit report. An applicant for a secured credit card will be asked by the lender to submit a proof of his/her employment as well as some identification documents. A negative aspect of credit cards for no credit is that some may have higher interest rates and fees than unsecured cards. Cardholders must pay specific amounts for interest aside from the processing fees. Still, it is important to note that such fees and rates may just be temporary. As long as you prove yourself worthy of credit, you can expect a reduction of these rates and charges. Secured Credit Cards – Beneficial for Bad Credit? How can you benefit from getting a secured credit card? Well, this card can allow you to succeed in your battle with bad credit. You can re-establish your credit reputation as long as you consistently pay your debt installments on time. In doing so, you can increase your credit score and this will in turn expand your credit prospects. As long as you maintain good payment habits you can expect to qualify for low interest credit and excellent loan opportunities in the future Secured credit cards are also excellent tools to help people manage their finances. Through these cards, you can control your spending habits. After all, you can only make purchases as long as there is available cash on your credit card. This will surely help people free themselves from uncontrolled debts and the credit worries associated with them. Copyright (c) 2010 Tara Tiemann About the Author: 相关的主题文章: