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Rebuild & Keep Good Credit Ratings by Understanding Your
Credit Cards
By David Hall
Secured Credit Card is similar to a prepaid credit card
since the funds you are using are actually yours and
not the issuer of the credit card. Generally people
who apply for secured credit card or prepaid credit
card are people with poor credit or unemployed. Prepaid
Credit Card spending limit is the amount of money you
loaded to the card. There are no interest or finance
charges on a prepaid card. With secured credit card,
your credit line could be from 50% to 100% of your deposit
depending on the institution giving you the secured
credit. Therefore the company giving you the secured
credit card has zero risk.
Secured credit card can be very beneficial because it
gives you an opportunity to rebuild your credit history
and you are able to make purchases just as if you had
an unsecured credit card. Many companies require that
you have a credit card to make purchases, such as car
rental, airline tickets, etc. Ensure that the company
issuing the secured credit, routinely reports customers'
payment history to any of the three main credit bureaus
namely Experian, Equifax and Trans Union. This reporting
to the credit bureaus will rebuild your credit history
over time.
Closing unnecessary accounts and consolidating your
bills to make payments more manageable could be an advantage
financially. By not applying for too much credit within
a short period of time is another factor that will help
in rebuilding your credit rating. Additionally, even
though secured credit is like prepaid cards, they do
have certain fees attached. Benefits are similar to
that of an unsecured credit card, such as usually being
paid interest on your balance in the bank, using Automated
Teller Machines (ATM) to make deposits, withdrawals,
and making purchases at participating merchants. Following
the above steps will strengthen your credit rating.
Unsecured Credit Cards are issued to individuals with
good to excellent credit rating. Credit ratings depend
on certain criteria, such as one's ability to repay
loans. These criteria include payment history, employment
history, and financial stability. Individuals with excellent
credit will most likely receive a lower interest rate.
A major factor in maintaining excellent credit is making
your loan payments on time thus avoiding late fee penalties.
Customers should read the credit agreement to ensure
that they understand their obligation to the creditor.
Making payments on time will strengthen your credit
rating. Unsecured credit cards has numerous advantages
such as low interest rates, high credit limit, business
name options, no annual fees, and low APRs on balance
transfers up to 12 months. Closing unnecessary accounts
and consolidating your bills to make payments more manageable
could be an advantage financially. By not applying for
too much credit within a short period of time is another
factor that will help in maintaining a good credit rating.
Rebuilding your credit takes time, patience, and consistency.
If you consistently pay your bills on time, you will
see an improvement in your credit ratings over time.
There are no quick fixes for improving your credit report
except for mistakes or inaccuracies that can be corrected,
hopefully in your favor. Your credit information is
maintained by the credit bureaus namely Experience,
Equifax, and Trans Union for seven years. Therefore
poor credit information will remain on your report for
seven years. The good thing is that as negative information
disappears with positive information, this will definitely
rebuild your credit rating.
Applying for secured credit card can be very beneficial
because it gives you an opportunity to rebuild your
credit history, and you are able to make purchases just
as if you had an unsecured credit card. Many companies
require that you have a credit card to make purchases,
such as car rental, airline tickets, etc. Ensure that
the company issuing the secured credit, routinely reports
customers' payment history to any of the three main
credit bureaus namely Experience, Equifax and Trans
Union. This reporting to the credit bureaus will rebuild
your credit history over time.
Business Credit Card Business credit cards are very
popular for small business owners because of the many
benefits they offer. Benefits includes 0% Intro APR
on balance transfers, no annual fees, high credit limit,
low interest rates, cash rewards, bonus miles, free
online account management to choosing card design etc.,
At iCreditOnline.com we have some of the best business
credit cards from American Express, Advantage, Chase,
Bank One, Bank of America, Discover, Citibank, Household
Bank and more, with online credit card approval. Why
waste time going to a bank when you can get a decision
in less than 60 seconds with secure online credit card
application. Online Credit Card Approval with Online
Credit Card Application is fast and easy!
Student Credit Card
Having a student credit card while still living at home
or attending school away from home can be an advantage.
It gives the student the opportunity to establish credit
at an early age and to start asserting their independence.
It comes in handy in case of emergency, it is less trouble
and safer to carry a student credit card than to carry
cash. Parents find student credit cards to be very convenient.
They are able to make deposits to their children's account
while they are away from home. Students should be careful
with their credit card receipts to avoid identity thief.
If you consistently pay your bills on time, obtaining
students credit cards is a good way to established credit
rating and start building a good credit history while
in school. Establishing and maintaining a good credit
rating will make it easy to purchase a car, a home or
obtaining a personal loan in the future. For students
who are not committed to their financial obligation,
getting a student credit card is not a good idea. Running
up balances, finding yourself in debt, unable to make
monthly payments will destroy your credit rating.
Student's credit cards generally have high interest
rates. At iCreditOnline.com we offer some of the best
student credit cards from Chase and Discover with 0%
APR introductory rate for 6 months, no annual fees and
online account access. Online credit card approval with
online credit card application is fast and easy!
Explanation of some of the credit cards we offer:
0% Intro APR Credit Card or Balance Transfer Credit
Card gives you the benefit of using this credit card
without making any interest payment on the principal
for a stated period of time. This credit card is marketed
to individuals with good credit rating who want to transfer
balance from a high interest credit card to a 0% intro
APR credit card.
Cash Rewards or Cash Back Credit Card earns a percentage
on purchases made. This reward or cash back is credited
to your account.
Debit Card takes the place of carrying a checkbook or
cash. This card is used like a credit card with certain
limitations, such as not being able to rent a car. Purchase
transactions are contingent upon having enough funds
in your checking or savings account to cover the purchase.
Verification of funds requires entering your Personal
Identification Number (PIN) at a point-of-sale terminal.
Low interest credit card saves you money. Having a good
credit rating qualifies you for some of the best low
APR credit card offers.
Prepaid Credit Card spending limit is the amount of
money you loaded to the card. There are no interest
or finance charges on a prepaid card. Therefore the
company giving you the prepaid credit card has zero
risk. Generally people who apply for prepaid credit
card are people with poor credit or unemployed.
Secured Credit Card is secured by the amount of funds
you have in your account. Your credit line could be
from 50% to 100% of your deposit depending on the institution
giving you the secured credit.
Unsecured Credit Card is issued to individuals with
good to excellent credit rating. Credit ratings depend
on certain criteria, such as one's ability to repay
loans. These criteria include payment history, employment
history, and financial stability. Individuals with excellent
credit will most likely receive a lower interest rate
and can receive instant online credit card approval.
A major factor in maintaining excellent credit is making
your loan payments on time thus avoiding late fee penalties.
Travel Rewards Credit Card benefits may include travel
accident insurance, free rental car collision/loss damage
insurance, rebate on gasoline purchases, frequent flyer
points or bonus miles towards airline flights, free
quarterly and annual account summaries.
About The Author
David Hall owns http://www.iCreditOnline.com.
He offers free downloadable, high quality guides on
credit repair, credit ratings, credit scoring, debt
consolidation and more. He has tools for finding a wide
range of financial services including secured and unsecured
cards, student and business cards, auto loans, and more
from the most reputable companies in the industry. You
can also compare multiple credit card offers, securely
complete an online credit card application, and receive
a credit decision in at least 60 seconds. Visit David's
site today: http://www.iCreditOnline.com
Article Source: http://EzineArticles.com/
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Credit Cards, Free, objective information articles and rate quotes for consumer bank products such as mortgage rates, home loans, CDs, auto loans.
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