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      December 18, 2017

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Credit Score Changes

If your credit is tarnished you may be looking for credit alternatives, along with hundreds of thousands of other consumers. The explosion in credit spending and then the subsequent recession have left many financially damaged and in despair. Whether the culprit was a job loss or being over extended getting yourself back on track is the next step to improving your credit worthiness.

Losing access to credit cards is a major life changer for many. Credit cards not only make for convenient shopping but are also mandatory in many scenarios where a Visa or MasterCard must be made available to shop online, rent a car or hotel room, and more. Even worse is when you need to rent an apartment or apply for a job but your credit history won't have it. Not to mention that a car loan or buying a home are completely out of the question when your credit is caput.

Is it time to throw in the towel and move in with your mother-in-law? No. But, how do you begin improving your credit when no lenders are interested in you? A detailed plan of action, to improving your credit, should be your next move. Here's where to start:

  • Start with a Credit Card
    Are you thinking that this is where your trouble began? Believe it or not, creditors want you to show your credit worthiness even if you have to start with a secured credit card. Secured cards work in conjunction with cash collateralization. That means you send a cash payment, of say $200, and the secured credit card company will grant you around $200 in credit minus a fee. After several months of responsible spending a secured credit card company will often issue a line of credit.
  • Focus on Your Payment History
    When you're finally able to obtain access to a line of credit, care for it with top priority. Lenders and creditors will watch every step you take and only one blip in your spending or a late payment could be a big step back. If done consistently, you will eventually earn a larger line of credit at a more affordable rate. Remember that payment history is one of the top contributing factors to your credit score and is a large aspect of gaining approval from future lenders.
  • Mind Your Balances
    In your mission to improve your credit you need to also focus on how much of your credit line is available at all times. You will be seen most favorable if you consistently keep your outstanding balance no higher than 1/3rd of the credit line. That means if you have $500 in credit you should only have $150 or less utilized on a regular basis.

When you’re down and out on your financial luck the only smart move is to take action. If you can't get approved for a regular credit card, start with a secured credit card. Focus carefully on making payments early, every month as well as maintaining a balance that that is equal to or less than one third of the granted line of credit for best results.

The Best Secured Credit Cards of 2017

DoughRoller receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site. Unless a post is clearly marked "Sponsored", however, products mentioned in editorial articles and reviews are ...

Published:  Fri, 15 Dec 2017 00:00:00 GMT



Capital One Business Credit Card Comparison: Variable APRs and Unlimited Rewards

Compare the business credit cards Capital One has to offer to see if their options are some of the best deals and bonuses available to you. Unlike a secured credit card that requires a cash deposit, such as a personal Capital One Mastercard, each of ...

Published:  Sun, 17 Dec 2017 09:16:00 GMT



120 Days in the Life of a Secured Credit Card

Without regard to how one got into the situation of an impared score as low as 350, akin to getting a 400 SAT score for showing up with or without a pencil, life without a credit card is almost undoable. A secured card can help. Instead of a loading a ...

Published:  Fri, 08 Dec 2017 09:12:00 GMT



Should I Add My Child as an Authorized User on My Credit Card

It's a tough situation to be in, and while there are ways around it (like opening a secured credit card, which is a good credit-building option for those out in the real world for the first time), many of those who get denied are forced to resort to a ...

Published:  Thu, 07 Dec 2017 08:18:00 GMT



The Real Threat Of Identity Theft Is In Your Medical Records, Not Credit Cards

In 2016, there were 3 million consumer credit card complaints, 42% of them fraud-related and 13 ... to a system that has more respect for your data. Just as you may have secured your financial information upon hearing the news of the Equifax breach ...

Published:  Sat, 16 Dec 2017 16:46:00 GMT



How to Get Personal Loans With No Credit Score

and if you're going to have a credit card with no credit history, a secured credit card is the way to go. They're ideal for people who can't qualify for a regular credit card, secured by a cash down payment that acts as your credit limit. Keep your ...

Published:  Mon, 11 Dec 2017 14:29:00 GMT



Best Credit Cards to Rebuild Credit

Limited credit history or working to rebuild your credit Secured credit cards are a great option for you. These cards offer an effective way to build credit. In fact, most of the cards we review will report your payment history to all three of the credit ...

Published:  Tue, 12 Dec 2017 04:34:00 GMT



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