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| Version | User | Scope of changes |
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| Apr 22 2008, 4:24 AM EDT (current) | vishenda | 339 words added |
| Mar 31 2008, 2:18 AM EDT | vishenda | 8 words added |
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Why Secured Credit Cards Are A Safe Way To Establish Credit ?
Secured credit cards are designed to assist people who have never had credit or those who have bad credit, in order to enable them to establish a good credit rating.
Typically, secured credit cards are issued when the holder is able to offer a type of “security” deposit to the lender by depositing a pre-arranged amount of money into a savings account, money market or certificate of deposit.
This is how it works: why secured credit cards are a safe way to establish credit?
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Benefits of a Secured Credit Card
*What is a secured credit card?
Secured credit cards are credit cards issued by banks and financing companies that require a security deposit. Your credit limit will equal your security deposit.
*Who should use secured credit cards?
Secured credit cards are for people who have bad credit, no credit or recently many parents have been giving secured credit cards or pre-paid credit cards to their children who are leaving to go to college.
*Benefits of using secured credit cards
Secured credit cards allow people with less than perfect credit, poor credit or bad credit to re-establish their credit, while still enjoying the benefits of having a Visa or Mastercard.Your secured credit card will also be reported to the credit agencies thus helping you to build up your credit. With timely payments your secured credit card can lead to unsecured credit card offers.
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Yahoo Personal Finance Resource
Secured credit card A secured credit card is linked to a savings account you open with the bank or other financial institution offering the card. You deposit a sum of money in the account, and you can borrow up to that amount using your card. If you don’t repay what you borrowed, the lender can access your account to cover your debt.Secured credit cards look the same as other credit cards, so no merchant can identify a card as secured. But if you have trouble qualifying for credit, perhaps because you have no credit history or you’ve just started working, you can use a secured card as a first step toward establishing a record of using credit responsibly. Secured loan
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Why Secured Credit Cards Are A Safe Way To Establish Credit ?
Secured Credit Cards - Easy Way To Establish or Re-establish CreditHere is an article about why & how you can use secured credit cards to establish or re-establish your credit. I hope you enjoy!
Secured Credit Cards
Here is a list of available secured credit cards that you can apply for online.
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Credit Card Rates Lowest in Two Years
While gas and food prices are rising, the cost of credit is falling, at least a little bit. Back in January, the Feds cut interest rates by record percentages. Later, I encouraged you to be on the lookout for lower rates on your credit cards and loans.Good news from Smart Money: average credit card rates are the lowest they've been since 2006.Thanks to the Federal Reserve's interest-rate cuts over the past few months, the average credit-card rate dropped to 13.29% this week on cards that don't offer rewards. That's a rate not seen since February 2006.
courtesy of About.com
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Secured Credit Cards are Tools to Good Credit
People are often encouraged to build their credit history or improve their credit scores by obtaining credit. Ironically, most lenders require excellent credit before they grant an approval. If your problem is that you have never had credit or you have a poor credit score, chances are your application will be declined. Do you have other options? Fortunately, yes! Secured credit cards are made especially for people with problems with their credit score or for people who haven’t yet started building a credit history of their own. That’s right. Even with poor credit or even with no credit at all, you can still get approved if you apply for a secured credit card. Does this prospect interest you? What is a secured credit card and how do they differ from regular good credit cards?read on Secured Credit Cards – Tools to Good Credit
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Credit Freeze, Fraud and You
What is a credit freeze and what makes it different from credit fraud alert? The credit freeze was first introduced in California in 2003. Today, however, a credit freeze can be done in all 38 States and can be requested from any of the three major credit bureaus- Equifax, Experian and TransUnion.
Once a consumer puts a freeze on his credit , no lender, insurer, employer or anyone else can make an inquiry or request on his credit report. The fact is, not even you, can look into your credit report unless you order the credit bureau to “unfreeze” or “thaw” your credit.
Unlike a credit fraud alert which only lasts for up to 90 days, a credit freeze will last for as long as the owner of the report doesn’t request that his report be thawed. Therefore, if you want to apply for a new credit card or you plan to get a loan, you need to notify the credit bureau in advance to get the freeze be lifted.
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Credit Freeze, Fraud and You
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Yahoo News Personal Finance
"Formalizing Family Loans" watch video
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How To Write a Credit Dispute Letter
The Fair Credit Reporting Act or FCRA of 1970 has recently been strengthened in order to allow anyone to dispute negative disputes on their credit report. This can be done with a letter of dispute and in turn the credit bureaus must either delete the listing or verify it.The key to repairing bad credit is to write a properly formatted letter of dispute to one or all of the credit bureaus and send them out via registered mail. Always keep a copy of your correspondence and the receipt from your registered mail letter for further reference.
read full How To Write a Credit Dispute Letter
How To Teach Your Child Credit Building Habits
By: Ronnie Wilson
Some of us get into credit card trouble and most of the time it is because of poor management and keeping track of how much money that we spend with the cards, and in no time at all we are maxed out and have to face the task of paying down the cards, If you have ever been in this situation then you know that it is very hard to gain back your financial freedom, And once you gain back your freedom you are much more aware of the consequences.Read on How To Teach Your Child Credit Building Habits
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Secured Credit Card Consumer Tips
By Amy Cooper-Arnold
Several months ago Tom, a member of CreditBoards.com, filed for a Chapter 7 Bankruptcy. Now he is in the process of rebuilding his credit history. It's a task that is not easy, but with patient persistence he is seeing progress already. Daily he checks his credit score and is slowly seeing improvement. 1 In addition to correcting every mistake, even the smallest ones, on his credit report, he is using a secured credit card. 2 This secured card is an important tool in the overall process of building or rebuilding credit.Who should consider a secured credit card?
* Someone who has no credit history.
* Someone with a damaged credit history.
What is a secured credit card?
Secured credit cards are credit cards opened with a deposit into a savings account, money market or certificate of deposit. The amount of deposit required varies from card to card, but generally minimum amounts range from $250 - $500. These funds are considered your security and will even earn a little interest since they are being held in a savings account. Your credit limit is determined by the amount you deposit into the savings account. Sometimes the limit will be for the full amount of the deposit; other times it will be a percentage of the total.
Read on
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Albert Einstein teaches us to always think positive.
