The Applied Bank credit card is a secured card. That means that you must open an account with Applied Bank and make a deposit into that account before you can receive your card.
It will have a limit equal to your deposit, minimum deposit is $200 maximum $5,000. The deposit secures your account in case of default.
You will still have monthly payments and a fixed APR of 9.99%. Additionally your card will report to the credit bureaus.
Because your account is secured by the deposit, no one will be turned down and there is no credit check required. The annual fee for the card is $50.
Because the card is issued as a Visa card, it is accepted anywhere you see the Visa logo displayed. Making regular, on-time monthly payments can help you create a history of positive payments.
While this can help repair a damaged credit score, we also advise that you take steps to remove derogatory items from your credit report.
Dont think that you just have to live with a poor credit rating; you may contact the credit bureaus to dispute the negative items and have them erased.
Contacting the credit bureaus to dispute derogatory entries is the most effective way to improve a low credit score. Many people believe that negative items must stay on your credit for seven long years.
This is not true! The Fair Credit Reporting Act states that seven years is the maximum amount of time that an item can remain on your credit report. It makes no mention of a minimum amount of time.
Many law suits have been filed and fines assessed to debt collectors who have violated this law. Some have manipulated the system and left a negative mark on a credit report for longer than seven years.
Additionally errors on your report are not uncommon. In fact it is estimated that 25% of the population has an inaccurate mark on their report.
Having a credit card can help you have a positive reporting account and can help you build your credit, but it also is imperative to eliminate the derogatory items.
A lot of people underestimate the importance of your credit score, but a poor score can impact your employment, financial wellbeing and self-respect. There are few words more humbling than Im sorry, but youre declined being spoken by a loan officer.
All is not lost, however. If you build positive reporting accounts and eliminate the damaging items, you can improve your credit score and live the lifestyle that you truly deserve.
It will have a limit equal to your deposit, minimum deposit is $200 maximum $5,000. The deposit secures your account in case of default.
You will still have monthly payments and a fixed APR of 9.99%. Additionally your card will report to the credit bureaus.
Because your account is secured by the deposit, no one will be turned down and there is no credit check required. The annual fee for the card is $50.
Because the card is issued as a Visa card, it is accepted anywhere you see the Visa logo displayed. Making regular, on-time monthly payments can help you create a history of positive payments.
While this can help repair a damaged credit score, we also advise that you take steps to remove derogatory items from your credit report.
Dont think that you just have to live with a poor credit rating; you may contact the credit bureaus to dispute the negative items and have them erased.
Contacting the credit bureaus to dispute derogatory entries is the most effective way to improve a low credit score. Many people believe that negative items must stay on your credit for seven long years.
This is not true! The Fair Credit Reporting Act states that seven years is the maximum amount of time that an item can remain on your credit report. It makes no mention of a minimum amount of time.
Many law suits have been filed and fines assessed to debt collectors who have violated this law. Some have manipulated the system and left a negative mark on a credit report for longer than seven years.
Additionally errors on your report are not uncommon. In fact it is estimated that 25% of the population has an inaccurate mark on their report.
Having a credit card can help you have a positive reporting account and can help you build your credit, but it also is imperative to eliminate the derogatory items.
A lot of people underestimate the importance of your credit score, but a poor score can impact your employment, financial wellbeing and self-respect. There are few words more humbling than Im sorry, but youre declined being spoken by a loan officer.
All is not lost, however. If you build positive reporting accounts and eliminate the damaging items, you can improve your credit score and live the lifestyle that you truly deserve.
About the Author:
For a Free Credit Consultation Call 1-800-253-3735 . For more about the Applied Bank Card or for more about Bad Credit Credit Cards.
