Applying for an Unsecured Credit Card – Made Easy

It is painstaking to build and maintain a good credit score. You have to be very careful with your finances because  one small lapse here and there can really affect your score in a big way. Sometimes people feel that if their score dips  below perfect then there is no way to salvage it. This is not true because through your life your score is bound to  fluctuate. There are always ways to help bring up your score if the situation calls for it and getting an unsecured credit  card is one of the ways to do it.

Unsecured credit cards are credit cards that are issued by a bank or a financial institution without taking any  security as collateral. Thus the credit is easily and quickly available to you. The drawback to this system, from your point  of view, is that the charges and fees are relatively much high than the regular card. The reason is obvious – the bank is  taking a much larger risk so they are going to charge higher. Making regular payments towards unsecured credit can really  help to improve your score.

Getting or applying for such a card can be difficult but there are steps that you can follow that will help you out  during the application procedure. Like with any other credit card, the bank will go through your finances before issuing you  a card. Therefore it is imperative that you have a working savings account that is in good standing. This will help your  chances substantially.  Steady employment also instils faith in the credit card company, so you must get a steady job if you don’t already  have one. The connotation is that if you have a steady job there will be a regular inflow of money due to the monthly salary  and you will be able to make regular payments towards your debt.

Also you must remember to do your homework and check out all the different types of credit cards out there which can  be suitable for you. There are certain cards that sometimes levy a monthly or annual fee. You also have some given  specifically to students or businessmen or people with bad scores. You should also compare all the rates of interest so that  you can pick the one that charges you the least.Lastly, when you apply for the card, try to submit the application online. This is helpful because usually, if you go  through a good site, you can get the approval instantly rather than having to wait the traditional 2 weeks!

Read more »

Be Careful With Credit Cards

Credit cards can make life very easy. You can use the credit card to attain a higher standard of living. You will be able to purchase things that you do not have the funds for if you own a credit card. You can then clear the debt at a later date. If you manage your funds properly and are regular with your payments then you can make use of the credit facility offered by credit cards to make the best use of your finances. You however need to be very carefully. A lot of people do not use their credit card with care. They end up overstretching and spending money that they do not have. This can cause them to end up in debt and paying of this debt can then become quite difficult. Credit cards can be divided into two main kinds: secured credit cards and unsecured credit cards.

Most people have unsecured credit cards. As their name suggests these cars do not need to have any sort of security. An interest is charged on the credit that is used by these cards. With the use of these cards you will be able to purchase things even if you do not have the funds in your bank at present. You can swipe your card and the bank will pay on your behalf. You haven hence incurred bank credit to make your purchase. It is important that you keep this in mind when you are using your credit card. You will eventually have to pay the bank back for your purchases. At the end of the month you will receive a statement that will give you the details of your expenditure. There will be a minimum amount of money that you will need to pay depending on your total bill. If you do not make your credit card payments on time then you will be defaulting. This will have very serious and negative consequences on your credit record.

A secured credit card is generally issued to someone who has bad credit history. This type of card is backed by a security. You will only be able to run up a credit that is equivalent to the value of the security that you have deposited with the bank. If you do not make your payments on time then the banks will recover their credit from the security deposit. Getting approved for an unsecured credit card with a bad credit record is not easy. You will not find it easy to get unsecured credit cards or unsecured credit if you have a bad credit record.

Read more »

Posted in: unsecured credit,unsecured credit card,unsecured credit cards

When you should open a 2nd chance checking account

If you have a bad credit record then you need to do something about it as soon as possible. If you delay then you will not be  able to improve your credit record at all and you will suffer the consequences. In this day and age it is very important for  everyone to have their own bank accounts. Even children have bank accounts opened for them by their parents. Parents make sue  that they have put enough money aside for their children so that they can provide for their education. You need to have a  bank account of your own and you need to make sure that you remain in the good books of the bank that you open a new bank  account with. This will make things easier for you. If you want t continue enjoying the benefits that your bank has to offer  then you should be a good member of the bank.

Once you open a new bank account you will be able to enjoy a lot of befits. If you keep a good credit record then you will  continue enjoying benefits till you have a bank account with your bank. So the key is to keep a god credit record. This will  not be difficult to do, but there are some people who misuse the benefits given to them. If you do this then you will have a  bad credit record and you r bank account will be blocked, which means that you will not be able to use it again.

Once you are not allowed to open a normal checking account you will have to look for ways to open a bank account so that you  can improve your financial record. You can’t go only in life with a bad credit record on your head. You need to make sure  that you improve your credit record and you will not be able to do this unless you have a bank account. You should be able to  open a 2nd chance checking account with one of the smaller banks in your area. Second chance banking is meant for those people who aren’t allowed to open a normal checking account. This account is bit  expensive but this is the only way to improve your credit record. So this will be like a golden opportunity for you. Make  good use of it and then gradually your credit record will be restored to its original standing.

Read more »

Posted in: 2nd chance checking,second chance banking,second chance checking