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      February 17, 2019

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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.

Secured Credit Cards: What You Need to Know

A secured credit card can help you rebuild or establish your credit score, and there are some good ones to choose from. Image source: Getty Images. If you can't qualify for a traditional credit card d...

Published:  Fri, 15 Feb 2019 09:34:00 GMT



Top Citi Credit Cards for 2019

The company offers a wide variety of credit cards that are primarily geared to consumers with good to excellent credit scores. In 2016, they introduced the Citi® Secured Mastercard® for people trying ...

Published:  Mon, 11 Feb 2019 14:37:00 GMT



Longtime banker becomes Chesco credit union CEO

Benchmark started in 1940 as a credit union serving Wyeth/Pfizer employees until it secured a community charter four years ... auto and mortgage loans, debit and ATM cards as well as online and mobile ...

Published:  Thu, 14 Feb 2019 12:09:00 GMT



What Is a Secured Credit Card and What Do You Need to Know In 2019

Secured credit cards are a good way for consumers with low or no credit, or who are looking to rebuild their credit, to get access to plastic, giving them an opportunity to build a better credit profi...

Published:  Thu, 31 Jan 2019 13:04:00 GMT



REBUILDING CREDIT AFTER BANKRUPTCY - SECURED CREDIT CARDS

One way to rebuild your credit after a bankruptcy is to get a secured credit card. These are offered by a number of banks, and are fairly easy to qualify for. When approved by the bank, you will open ...

Published:  Sat, 26 Jan 2019 13:32:00 GMT



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