The Applied Bank credit card is a secured card, which means that in order to receive it, you must open an account with Applied Bank and make a deposit into that account.
The deposit is designed to secure your account should it default. The limit on the card will be equal to the amount of the deposit, which can be between $200 and $5,000.
Like other credit cards, your card will be reported to the credit bureaus and you still will have monthly payments. The APR is fixed at 9.99%.
Because your account is secured by the deposit, no one will be turned down and there is no credit check required. The annual fee for the card is $50.
Because the card is issued as a Visa card, it is accepted anywhere you see the Visa logo displayed. Making regular, on-time monthly payments can help you create a history of positive payments.
If you are concerned with repairing a damaged credit score this can help. However we suggest you also remove negative information from your credit report.
Many people think that you just have to live with a low credit score, but this is not true. It is possible to contest the negative items with the credit bureaus and request that they be erased.
This has been shown to be the most effective method of raising a low score. There is a lot of information circulating that says a negative item must remain on your credit for seven long years.
This is false! The Fair Credit Reporting Act says that an item can remain on your report for a maximum of seven years. There is nothing about the minimum amount of time.
There have been many lawsuits filed against debt collectors because they had been violating this law. There have been debt collectors that have paid fines because they had been manipulating the system and keeping a negative mark on a report for longer than seven years.
In addition, it is common for credit reports to contain errors"in fact, estimates say that 25% of the population has inaccurate information on their credit report.
While a credit card will help because you will have a positive reporting account and be building credit. It is vital to remove the negative items too.
Your credit score is a very important number and can impact your; employment, financial well being, and self confidence. There is not a more humbling sound that hearing a loan officer say Im sorry but you are declined.
All is not lost, however. If you build positive reporting accounts and eliminate the damaging items, you can improve your credit score and live the lifestyle that you truly deserve.
The deposit is designed to secure your account should it default. The limit on the card will be equal to the amount of the deposit, which can be between $200 and $5,000.
Like other credit cards, your card will be reported to the credit bureaus and you still will have monthly payments. The APR is fixed at 9.99%.
Because your account is secured by the deposit, no one will be turned down and there is no credit check required. The annual fee for the card is $50.
Because the card is issued as a Visa card, it is accepted anywhere you see the Visa logo displayed. Making regular, on-time monthly payments can help you create a history of positive payments.
If you are concerned with repairing a damaged credit score this can help. However we suggest you also remove negative information from your credit report.
Many people think that you just have to live with a low credit score, but this is not true. It is possible to contest the negative items with the credit bureaus and request that they be erased.
This has been shown to be the most effective method of raising a low score. There is a lot of information circulating that says a negative item must remain on your credit for seven long years.
This is false! The Fair Credit Reporting Act says that an item can remain on your report for a maximum of seven years. There is nothing about the minimum amount of time.
There have been many lawsuits filed against debt collectors because they had been violating this law. There have been debt collectors that have paid fines because they had been manipulating the system and keeping a negative mark on a report for longer than seven years.
In addition, it is common for credit reports to contain errors"in fact, estimates say that 25% of the population has inaccurate information on their credit report.
While a credit card will help because you will have a positive reporting account and be building credit. It is vital to remove the negative items too.
Your credit score is a very important number and can impact your; employment, financial well being, and self confidence. There is not a more humbling sound that hearing a loan officer say Im sorry but you are declined.
All is not lost, however. If you build positive reporting accounts and eliminate the damaging items, you can improve your credit score and live the lifestyle that you truly deserve.
About the Author:
For a Free Credit Consultation Call 1-800-253-3735 . For more about the www.appliedbank.com or for more about Baby Phat Rush Card a popular prepaid credit card.
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