September 29th, 2008 Admin
Especially Made for Bad Credit
If you have bad credit, you know how hard it can be to qualify for credit cards. Is there any way you can re-prove yourself to lenders? Will any lenders give you a second chance? How can you start rebuilding your credit? If you want to start rebuilding your credit, you must work hard. You need to sit down and figure out a budget. Chances are, if you have bad credit, you really didn’t use a budget in the past. Instead, you just kept spending until one day, it was completely out of control.
There are several credit cards now that are designed especially for people with bad credit. These cards were established to help you get on track. Take advantage of this opportunity to start rebuilding your credit and prove that you can be an “A” credit borrower. Here are some of the most popular cards that can help you get back on track.
Total Visa Card
-Receive an instant online application decision
-This card reports your status monthly to all three major credit bureaus
-Take advantage of free 24-hour online management tools
-Rated well for outstanding customer service
Tribute Gold MasterCard Credit Card
-Designed for people with bad credit
-Reports often to all major credit bureaus
-24/7 Free Online Account Access
-Get a quick online decision
Bank Freedom Prepaid MasterCard
-$0 Issuance fee
-$0 Monthly fee with direct deposit
-Low fees
-Save money
-100% Guaranteed Approval
-No credit check
-Note-this is a secured credit card (or debit card)
Orchard Bank Classic MasterCard
-Accepted millions of places
-Use your card online, to make reservations and in stores
-Email and text message reminders
-Online access: 24/7
Applied Bank Secured Visa Credit Card
-9.99% Fixed APR rate
-Your rate will never change, even if you are late
-Choose your credit limit-up to $5,000
-No credit requirements
-No income requirements
-Credit bureau reporting.
Take advantage of the opportunity you have to rebuild your credit with one of these credit cards. These cards were designed especially for people with bad credit and who want to improve their credit score. Show lenders how responsible you are by qualifying for one of these cards and using it responsibly.
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August 13th, 2008 Admin
I often get asked the question - What Can a High School Kid Do To Establish Credit? I want to explore some options, and am thankful for the opportunity to guest post today.
You are only 16 years old. You don’t need to worry about having good credit. Right? Wrong. Now is the perfect time to start thinking about establishing good credit. If you want good credit for the rest of your life, you need to start now. Make sure you make good decisions and are careful about how you spend your money. Follow these simple steps and you’ll be on your way to great credit.
1. Get a job. I know, I know…You need to focus on getting good grades, not making a million dollars. While that is true, no one is expecting you to work full-time right now. Many employers actually look for high school kids to work part-time. You can be a great asset to someone’s business; you just need to find the right one. Start off only working a few hours a week. This will get you used to having a job and also being in school. Be careful not to work so much that you can’t get those straight A’s anymore. Good credit starts with having a strong work history. The longer you have a job, the better your credit will be.
2. Get an account. You’ll need somewhere to put all that extra money. You aren’t going to cash your check every payday and stash the money under your bed, right? Probably not. Get a savings account, and a checking account too, if you can. You may need to ask your parents to be on the account too with you for a while. Talk to your bank or credit union to see what you qualify for on your own. These accounts will prove that you are responsible with your money, even at such a young age.
3. Ask your parents. If your parents have good credit, ask them to add you to their credit card as an authorized user. This is a great way to piggyback on your parents credit and credit card (while you build your own) and show everyone how responsible you are. It will work out great for your parents too. You’ll be able to pick up a gallon of milk for your mom, without having to make her get out of the car (or even leave your home)!
4. Auto loan. If you can afford it, try to get a small car loan. You may need your parents to co-sign with you. Make sure they know how responsible you will be by making the payments on time. Remember you are still in high school, so you won’t need anything too fancy or expensive. Talk to your parents and your bank/creidt union and see how much you can afford.
There are several things you can do while still in high school to build good credit. The earlier you start thinking about having good credit, the more beneficial it will be to your credit history. You’ll also get in the habit of making responsible decisions. You’ll be well on your way to having great credit in no time.
Jason Skinrood is the owner of Plastic Rewards and our guest blogger today!
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August 11th, 2008 Admin
Still in school? Need to build your credit? No problem. There are steps that even a student can take to build their credit while still in school.
Check your report. Just because you think you don’t have credit, check it anyway. Get into the habit now of checking your report on a regular basis. This will also help you correct mistakes, if any.
Understand what it means. What exactly is credit? What is considered good credit? Why do people look at your credit? These are all very important to understand when starting to build your credit. Having a good understanding of the basic idea of credit will go a long ways in your quest for good credit.
Get out and work. If you think you have too many assignments and tests to get a part-time job, you’re wrong! Building a work history is an important thing that helps you build credit. I know it’s hard to work full-time while still in school. For some this is not even an option; for others, it is essential. Many employers are willing to work with school schedules. Take advantage of this easy way to build you credit and make some extra money too!
Get a checking/savings account. You can easily get a free checking and savings account now. These accounts show stability and responsibility. You’d be surprised how much they affect your credit.
Put bills in your name. No matter where you live, you’ll need electricity, gas and water, right? Put these bills in your name. These utility companies are actually creditors that report to the credit bureaus. Make sure you constantly pay your bills on time. This is an easy way to boost that credit score.
Co-Sign on an auto loan. This step may take a little extra finagling. Talk to your parents and see if they are willing to co-sign on an auto loan with you. Make sure whoever you co-sign with is responsible and trust-worthy. The last thing you’d want is to get into a car loan with someone who either won’t make the payments, or who will ruin your new credit!
Get a joint account. This idea is along the same lines as the car loan. Ask your co-signer if you could be added as a joint owner on one of their accounts. Although their name may the primary, the account will help to establish your credit as well.
Sign up for a student credit card. OK, be careful with this one. A student credit card is not meant for shopping sprees before you even finish school. Purchases on this should be kept at a minimum or only an amount that you can quickly pay off. The idea here is to pay the balance off each month. This is an easy way to establish your credit.
Do it now. You are considered less of a risk now while you are still in school than once you graduate. Lenders suspect that if you get yourself into credit trouble now, your parents will come to your rescue. Take advantage of their thinking now before you graduate and are considered officially “on your own.”
Mix it up. To get the best credit score, you need a mixture of credit types. These types are considered either revolving or installment. The revolving accounts include credit cards and lines of credit. Installment accounts are mortgages, auto loans, personal loans, etc. Make sure not to go overboard. Start out with only one of each. As your credit increases, slowly add each type of account.
These are basic steps that you can use while still in school. Make sure to do your credit score homework and you will be well on your way to building good credit.
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July 28th, 2008 Admin
At What Age Should You Worry About Building Credit
There really isn’t a set age where you should worry about building your credit. However, there are small steps you should take when you are young that will give you a strong foundation for good credit. Make sure you research what credit is and make responsible decisions.
As soon as you turn 16, try and find a part-time job. Having a good work history is a key element in building good credit. The sooner you find a job, the more likely you are to learn responsibility and good work ethic. Lenders view this favorably.
What are you going to do with all of your paychecks when you get your first job? Cash them? That is a lot of cash to have on hand, and you won’t be doing anything for your credit. Open a checking or savings account. You may need your parents on the account with you. That’s OK. With a part-time job and an account to put your paychecks in, lenders will be impressed with your stability and responsibility. Another way to help you build credit is to be added as an authorized user on your parent’s credit card. Make sure your parent’s have a good credit history, otherwise it won’t get you very far. As a user on their account, you will be able to piggyback on their credit while you build your own credit.
When you are 18, apply for a small credit card on your own. By this time, you should have enough credit to be approved for a small amount. Even if you are approved for more, only put a couple hundred dollar limit on the card. Use this card to make small purchases and then pay it off every month. Not only will this build your credit, but it will get you in the habit of using your card wisely. You won’t be completely dependent on a credit card if you budget your money and pay the balance off every month.
Once you have had a job for several years and used your credit card wisely, it will probably be time to apply for an auto loan. Be careful with this. Make sure you pick out something reliable and something you can afford. Again, budget your money. You probably won’t be approved for a brand new car, but you may be approved for a higher amount than you want to spend. Remember, you aren’t looking for the newest and nicest car. You are looking for something to get you around town and something that will build your credit.
The best way to build your credit is to start while you are still young and make good decisions. Be sure to make a budget and stick to it. This will get you in the habit of being responsible. Make sure you know what you are getting into. Research anything you are unclear on or talk to a financial professional. These are the best ways to build your credit and get you in the habit of having good credit for the rest of your life.
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