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      April 20, 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.

The best credit cards for beginners

... are credit cards for beginners in this exact situation. With the right credit score, you can secure the best possible deals on major purchases. If you have little to no credit history, you can ...

Published:  Wed, 17 Apr 2019 07:55:00 GMT

Understanding secured credit cards

In today's digital world, it's hard to do anything without a credit card. Sure, a debit card helps. But life's little emergencies always seem to pop up right when you're a little short on cash. If you ...

Published:  Wed, 17 Apr 2019 00:45:00 GMT

What Is a Secured Credit Card? How Is It Different From an Unsecured Card?

At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here's how we make ...

Published:  Tue, 16 Apr 2019 13:56:00 GMT

What you need to know about secured credit cards

Credit can feel tricky at times. It takes credit to get credit, or so it seems when someone is new to credit or working to repair past credit issues. However, there are financial products designed to ...

Published:  Mon, 15 Apr 2019 02:15:00 GMT

Brex, the credit card for startups, raises $100M debt round

Brex, widely known for its billboards littered across San Francisco, has secured a $100 million debt financing from Barclays Investment Bank . The company, which provides a corporate credit card ...

Published:  Tue, 16 Apr 2019 09:07:00 GMT

Lower credit card rates, waived fees & extended limits there for the asking, survey shows

Seventy-nine percent of those who asked for credit limit increases got it ... got an annual fee waived on the renewal of a card she secured for her son's semester abroad: an introductory no ...

Published:  Wed, 17 Apr 2019 04:02:00 GMT

Credit Payment Card Market to See Huge Growth in Future | Visa, MasterCard, Chase, American Express

Type & Application/End-users "˘ Credit Payment Card Market Revenue & Growth Rate by Type [Business credit cards, Secured credit cards, Prepaid cards and Digital cards] (Historical & Forecast) "˘ Credit ...

Published:  Wed, 17 Apr 2019 07:14:00 GMT

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