 |
 |
 |
 |
 |
 |
| The Self Credit Repair CheatSheet System |
| . |
| www.CreditRepair-Website.com |
| Consumer | Victory | Credit |
Home | Contact Us | Credit Repair CheatSheet System | Credit Dispute Letters | Credit Repair Tips and Articles | Privacy Policy | Site Map ConsumerVictoryCredit.com © 2005-2010 All Rights Reserved |
| |||||||||||||||||||||||||||
If you have some money saved, you have poor credit, and you want the convenience of a way
to establish/rebuild credit, and it works like this: if you have $500, (some will even start you off
with $250) you put it towards the card’s balance.
You now have $500 to charge on your credit card, and when the money runs out, you simply
put more money towards it. On your credit report, it shows as a credit card in good standing,
and nobody knows that your purchases were paid for in advance. Therefore, the account
shows as a credit card in good standing.
While looking for a secured credit card, be wary of companies that charge an application fee.
You should never have to pay an application fee for a secured credit card, but you will have to
pay an annual fee. Try to obtain a secured card through a local or regional bank, (Capital One,
Citibank, Wachovia, Wells Fargo, etc) to receive the best rates.
Local and National Department Store Credit Cards: A store card is usually easier to
obtain than a regular Visa or MasterCard. You can only use this type of card in the
corresponding store, and you will probably pay a higher interest rate. Store managers will work
with you, and help you get the card because they want the commission, and the added sales to
the store.
A national store card will be harder to get than a local store card, because they have a
corporate headquarters that oversees all lending. If you are not able to qualify for a national
card, you may want to ask a relative or friend to co-sign for you. If you decide to get a
department store card, it will look good on your credit report, but you must make all of the
payments on time, especially if you have a co-signer. Some examples are: Macy’s,
Bloomingdale’s, Sears, JC Penny, etc.
You can also try to get a card from a gas station, tire store, furniture store, jewelry store,
appliance store, etc. This type of card is generally pretty easy to attain. Try stores such as
Mobil, Kay Jewelers, Radio Shack, Exxon, etc.
Visa, MasterCard & Discover Cards: Typically, these cards are harder to get than the
credit cards previously discussed. However, there is a lot of competition now for credit card
companies, so you may not only be approved, but you may be able to get a good interest rate
as well. If you make the minimum payment (pay more if you can) for just six months, your score
will benefit greatly.
American Express, Diner’s Club, Carte Blanche, & Pay Each Month Cards: These
are cards that you do not have the option to make a minimum payment each month. You have
to pay the balance in full every month, so you must be careful and manage your money
properly, so you don’t over do it.
These cards do not have as much influence on your credit report as a standard Visa or
MasterCard, meaning paying your monthly balance on time is good for your report, but not as
good as a Visa or MasterCard. Conversely, a lateness won’t have as much negative power
either. Monthly pay cards are often not as quick as Visa & MasterCard to report you late,
although you should still do everything within your power to pay on time.
Note: Never put false information on a credit application. To knowingly put dishonest
information on an application is fraud, and punishable by law.
to establish/rebuild credit, and it works like this: if you have $500, (some will even start you off
with $250) you put it towards the card’s balance.
You now have $500 to charge on your credit card, and when the money runs out, you simply
put more money towards it. On your credit report, it shows as a credit card in good standing,
and nobody knows that your purchases were paid for in advance. Therefore, the account
shows as a credit card in good standing.
While looking for a secured credit card, be wary of companies that charge an application fee.
You should never have to pay an application fee for a secured credit card, but you will have to
pay an annual fee. Try to obtain a secured card through a local or regional bank, (Capital One,
Citibank, Wachovia, Wells Fargo, etc) to receive the best rates.
Local and National Department Store Credit Cards: A store card is usually easier to
obtain than a regular Visa or MasterCard. You can only use this type of card in the
corresponding store, and you will probably pay a higher interest rate. Store managers will work
with you, and help you get the card because they want the commission, and the added sales to
the store.
A national store card will be harder to get than a local store card, because they have a
corporate headquarters that oversees all lending. If you are not able to qualify for a national
card, you may want to ask a relative or friend to co-sign for you. If you decide to get a
department store card, it will look good on your credit report, but you must make all of the
payments on time, especially if you have a co-signer. Some examples are: Macy’s,
Bloomingdale’s, Sears, JC Penny, etc.
You can also try to get a card from a gas station, tire store, furniture store, jewelry store,
appliance store, etc. This type of card is generally pretty easy to attain. Try stores such as
Mobil, Kay Jewelers, Radio Shack, Exxon, etc.
Visa, MasterCard & Discover Cards: Typically, these cards are harder to get than the
credit cards previously discussed. However, there is a lot of competition now for credit card
companies, so you may not only be approved, but you may be able to get a good interest rate
as well. If you make the minimum payment (pay more if you can) for just six months, your score
will benefit greatly.
American Express, Diner’s Club, Carte Blanche, & Pay Each Month Cards: These
are cards that you do not have the option to make a minimum payment each month. You have
to pay the balance in full every month, so you must be careful and manage your money
properly, so you don’t over do it.
These cards do not have as much influence on your credit report as a standard Visa or
MasterCard, meaning paying your monthly balance on time is good for your report, but not as
good as a Visa or MasterCard. Conversely, a lateness won’t have as much negative power
either. Monthly pay cards are often not as quick as Visa & MasterCard to report you late,
although you should still do everything within your power to pay on time.
Note: Never put false information on a credit application. To knowingly put dishonest
information on an application is fraud, and punishable by law.