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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 Secured Credit Cards Can Build, or Rebuild, Your Credit

Once a little-known option, secured credit cards for people with scant or poor credit are getting more attention. This week, for instance, Amazon introduced a secured card called Amazon Credit Builder ...

Published:  Fri, 14 Jun 2019 03:00:00 GMT



Amazon launches new secured credit card for those with bad or no credit

Amazon this week unveiled a new secured credit card with Synchrony Bank, aimed at customers with bad or no credit history. The card - called the Amazon Prime Store Card Credit Builder - requires a ...

Published:  Thu, 13 Jun 2019 14:10:00 GMT



Amazon's unique new credit card is a play for low-income Americans

... card is what's known as a "secured" card. That's because to get one, the cardholder must pay a security deposit equivalent to their desired credit limit, with a minimum deposit of $ ...

Published:  Fri, 14 Jun 2019 17:19:00 GMT



Amazon Launches Secured Credit Card for Shoppers With Bad Credit

E-commerce giant Amazon.com Inc. (AMZN) has partnered with Synchrony Financial (SYF) subsidiary Synchrony Bank to offer secured credit cards to shoppers with low credit scores or no credit history. ...

Published:  Tue, 11 Jun 2019 04:41:00 GMT



Synchrony Expands Amazon Relationship With Secured Credit Card

Synchrony Financial expanded its relationship with Amazon.com Inc., unveiling a new secured store credit card that targets consumers with low credit scores. Amazon's new Credit Builder card requires ...

Published:  Mon, 10 Jun 2019 06:53:00 GMT



Amazon launches secured credit card; SYF +2%

Amazon (NASDAQ:AMZN) and Synchrony Financial (NYSE:SYF) partner for the Amazon Credit Builder, which pairs a secured credit card with budgeting tools and advice. Prime members who obtain the ...

Published:  Mon, 10 Jun 2019 11:13:00 GMT



Amazon, Synchrony Launch Secured Credit Builder Card

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn't influence our ...

Published:  Mon, 10 Jun 2019 06:14:00 GMT



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