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How to Get the Best Secured Credit Card

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How to Get the Best Secured Credit Card Powered By Docstoc
					Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the person’s credit score. Click here to know more

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How to Get the Best Secured Credit Card By Tom Tessin

If you are individuals who have poor, bad or no credit, then secured credit cards are a good option for you. Since secured cards have less credit, you can start building your credit history with secured cards. If you make the payments on time, few months later, the credit companies increase your credit limit and may turn it into unsecured credit cards. However, with so many companies around in the market, finding the best-secured cards can become daunting. Therefore, here are few tips using which you can easily locate the best credit cards. Tips: While shopping out for the best secured credit cards, you need to pay attention to the following points: 1. While applying for secured credit cards, you need to consider your credit requirements and habits. Determine the purpose for which you are going to use the cards and the way you will pay your monthly bills. To establish a good credit, it is necessary that you spend less and pay credit dues on time. 2. Read all documents carefully. Understand the clauses and conditions of the contract before signing it. Ask such questions to bank authorities, as what the procedure is in case of late payments, about grace periods and other details, to avoid unpleasant set backs in future. 3. See to it that the credit card company that you are choosing is reporting credit reports to the bureaus, because this will increase your credit. These credit bureaus furnish your credit report to loan agencies when you apply for loan. Thus, to improve your credit score by using secured cards, it is vital that they (agencies) know that you are a responsible credit card user. 4. Next, compare secured card features of several companies, study their policies and select the one, which suits you best. 5. Refer to several sources such as Internet web sites to know latest laws regarding secured credit cards. The Federal Reserve issues information about amendment in interest rates, which at time your firms may not tell you. In addition, FR publishes report of financial institutions in every 6 months on its web site. One can refer these to make the best choice.
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Important Points to Consider: 1. Fees: Financial institutions charge fees such as annual fees, application fees and so on. However, experts say that you need to choose the secured credit card companies that charge fewer fees since they deduct the money from your deposit. Annual fee for most of the secured credit cards is usually $20 to $35. 2. Interest rate: If you have poor credit, it does not mean that you agree for higher interest rates. Interest rates for any secured credit card need not exceed above 19%. 3. Always be wary of fraudulent offers. Avoid companies that guarantee you with no fee secured credit cards. Legitimate companies do not give no-fee secured credit cards. Avoid taking such credit cards from companies that offer to clean the credit history. Best way to verify credibility of companies is by contacting credit bureaus or contacting the BBB. Find secured credit cards and more of Tom's work at http://www.findsecuredcards.com

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Presented by Daniel Toriola
Free Credit Repair Advice - Getting A Credit Card If You Have Bad Credit By Dana B. Smith

If you have bad credit, getting a credit card will probably be the last thing on your mind. However, if you have a bad credit history then you may want to get a card to rebuild your status, not to spend at the grocery store or mall. Getting a credit card can be quite a hassle in more than one way if you have had bad history in the past. There are some valid reasons you should get a new credit card. The first one being that the it may come in handy during unexpected emergencies. For example, if it rains and something happens to your car and you are on the outside of a city, you can call a towing company and pay them with your card. Once you obtain a credit card, despite a bad rating history you will begin with new and positive credit and will be on your way to erasing your past financing problems. It is important to exercise good judgment when it comes to this new card If you are currently dealing with a bad rating while you are trying to apply for a credit card, you may want to obtain a secured card instead of trying to obtain a traditional card. A secured credit card is your best option when it comes to this situation. You will avoid potential trouble by getting the secured card while proving that you can be responsible with this current card. You will also have peace of mind if you find that you are in an emergency situation. When you have a secured credit card, you have to place a certain amount of money into an account that is linked to your credit card. Once your deposit has been made, you can use your card as you would any other card. The best part about having a secured credit card is that once you have reached the card limit, you can make another deposit and continue to use the card. A secured card is good for individuals who have a bad history and a bad credit score. For many financial agencies and consumer institutions there is a huge difference between a secured card and a regular credit card, but they keep in mind that the person with the secured credit card is trying to establish a new credit history. Even if you have a bad credit history, you may still be able to get a department store credit card. Most department stores are open to issuing a store credit card but they will offer a lower credit limit. Because you have a bad credit history does not mean that you are not eligible for a credit card. Just be sure that once you get a new credit card that you keep up with the payments so that you do not get a bad credit rating and you won’t have to pay high interest rates. Discover more information on bad credit private student loan as well as insider tips on avoiding bad credit loan when you visit http://www.creditlegalrepair.com, the online portal on free credit repair advice and debt relief credit repair

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