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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.

How a Secured Credit Card Can Help Your Credit

One of the easiest ways to build credit and improve a credit score is to open a secured credit card. Whether you're young and new to credit, or are looking to improve your credit score because of past financial problems, a secured credit card can help.

Published:  Thu, 05 Apr 2018 09:04:00 GMT



What Is a Secured Credit Card

Secured credit cards enable virtually everyone to build (or rebuild) their credit by responsibly managing their secured credit card just like any other credit card. Best of all, many secured cards have low deposit requirements, and some even have a cash ...

Published:  Mon, 21 Aug 2017 13:00:00 GMT



Secured Credit Cards And What You Need To Know

This post was contributed by a community member. Do you have a poor credit history, or maybe no credit history at all If so, you know how hard it is to be approved for a credit card. Financial institutions usually extend credit cards to individuals with ...

Published:  Thu, 27 Jul 2017 05:05:00 GMT



What's the Difference Between Secured and Unsecured Credit Cards

"[Credit is a system whereby] a person who cannot pay gets another person who cannot pay to guarantee that he can pay." -- Charles Dickens As Charles Dickens describes it, credit sounds like a marvelous and miraculous thing. It doesn't quite work like ...

Published:  Fri, 25 Aug 2017 18:00:00 GMT



Finance 101: Secured Credit Cards

CHICOPEE, Mass. (Mass Appeal) - If you are looking to establish credit or control your debt, Todd Christian, financial counselor from Cambridge Credit, came to tell you about secured credit cards and the ChexSystem. We also discussed an event at ...

Published:  Wed, 23 Aug 2017 16:39:00 GMT



What's the Difference Between Secured and Unsecured Credit Cards

"[Credit is a system whereby] a person who cannot pay gets another person who cannot pay to guarantee that he can pay." -- Charles Dickens As Charles Dickens describes it, credit sounds like a marvelous and miraculous thing. It doesn't quite work like ...

Published:  Fri, 25 Aug 2017 18:00:00 GMT



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