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      December 13, 2018

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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.

Navy Federal Lowers Deposit on Its nRewards Secured Card

Some of the products we feature are from our partners. Here's how we make money. Navy Federal Credit Union has made its secured card, the nRewards® Secured Credit Card, even better by dropping the min...

Published:  Tue, 11 Dec 2018 16:59:00 GMT



U.S. Secured Credit Cards Market Forecast, 2017-2021: A Credible Product with a Dark Past - ResearchAndMarkets.com

The "U.S. Secured Credit Cards Market Forecast, 2017-2021: A Credible Product with a Dark Past" report has been added to ResearchAndMarkets.com's offering. U.S. Secured Credit Cards Market Forecast, 2...

Published:  Mon, 26 Nov 2018 06:21:00 GMT



United States Secured Credit Cards Market Report 2018

The "U.S. Secured Credit Cards Market Forecast, 2017-2021: A Credible Product with a Dark Past" report has been added to ResearchAndMarkets.com's offering. U.S. Secured Credit Cards Market Forecast, 2...

Published:  Mon, 26 Nov 2018 11:55:00 GMT



Discover it Secured Review: Earn Rewards as You Build Credit

Here's how we make money. The Bottom Line: When you consider the rewards, the lack of an annual fee and the opportunity for an upgrade, this is the best secured credit card we've seen. No Annual Fee, ...

Published:  Mon, 10 Dec 2018 16:56:00 GMT



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