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      October 20, 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.

What to Weigh When Considering a Secured Credit Card

Not everyone can qualify for the top-of-the-line rewards credit cards. If you've been turned down because of your credit scores, you have other choices. One is to build credit using a secured credit card. Secured cards make up less than 1% of the credit ...

Published:  Tue, 17 Oct 2017 22:20:00 GMT



nRewards Secured

Rewards paired with no fees make this secured card a stand-out. This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our bad credit category page. Advertiser Disclosure: This post contains references to ...

Published:  Wed, 18 Oct 2017 07:24:00 GMT



Credit Cards After Bankruptcy

Informed consumers who want to get back on their feet after bankruptcy can do so by applying for a secured credit card offer from a leading issuer, kicking off a process of rebuilding their credit score by having their monthly on-time payments reported to ...

Published:  Mon, 09 Oct 2017 07:00:00 GMT



Couple wants new credit cards after accounts went delinquent: Money Matters

Multiple inquiries hurt you. 7. If you can't qualify for a "regular" unsecured credit card even in a couple of years, you can get a secured card, which is like a prepaid card using your own money. Before you would open any secured card account, you'd ...

Published:  Wed, 11 Oct 2017 02:04:00 GMT



How to Get Cash Back From Your Credit Card

Cash-back reward offers are no longer reserved for the highest-spending cardholders. As competition in the industry heats up, even secured credit cards with no annual fees are doling out cash-back rewards as banks look for ways to encourage card use.

Published:  Thu, 12 Oct 2017 03:15:00 GMT



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