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Can Secured Credit Cards Lead You To Good Credit?
If you are suffering from bad credit history, surely you would like to find an easier way to regain your good credit standing. The good news is, it does not have to be a difficult task. There are several options that you can do to raise your credit score at the soonest time possible.
One option is to get a secured credit card. Can a secured credit card really lead you to good credit? Read on to find out.
What is a secured credit card?
As the name implies, a secured credit card requires its cardholder to submit security or cash deposit. Thus, despite having a poor credit score, the credit card company is given the guarantee that funds will be readily at hand in case of payment defaults.
Secured cards grant quick and instant approval regardless of the status of your credit history. Whether you have bad credit or no credit, you can surely open a secured credit card account in your name. This type of credit card is indeed a wonderful tool for establishing and rebuilding credit.
Will other people know that you are using a secured card? Secured cards look exactly like regular credit cards so no one has to know that you are using a secured account because you have bad credit. It can used for purchasing or paying bills anywhere where standard credit cards are accepted.
The Difference of Getting Secured Credit Card The main difference with a secured account is the submission of cash security deposit. Usually, the amount of your deposit will determine the value of your credit limit. Some secured card issuers do offer a slightly higher credit line than the amount of cash deposited.
In time, you may request your issuer to raise your limit as you prove your credit worthiness by submitting your payments on time. There are credit card companies that will automatically give an upgrade to an unsecured account after a year of consistent payments.
Before signing up, see to it that your chosen issuer provides credit reporting to the major credit bureaus so you can improve your credit history as you make your payments. After improving your credit, switching to a non-secured account will enable you to enjoy lower rates and more privileges.
Be a Wise Secured Cardholder
Yes, secured credit cards can be used to rebuild bad credit. However, that will depend on how you use your card and how you keep up with your payments. The safest way to manage your account is to keep your charges minimal and to pay off your monthly balances in full at all times.
Avoid carrying over your balance for the next billing cycle so you wont have to pay the interest rates. Be conscious about your due dates. If for a really good reason, you will not be able to make your payment on time, do not hesitate to call up your bank and explain your situation. Request for an extension of your deadline and ask your issuer not to report your late payment if you can submit on the extended date.
Payday loans no faxing: Hassle free service
Payday loans are taken by the people to solve their monetary problems which have arisen suddenly or may be they are unexpected. Most of the people avoid taking loan just because of the lengthy procedure of the approval.
In todays world faxing is not in use as it is very time consuming. Payday loans no faxing are the mortgages which are required to solve the urgent financial problems. These mortgages do not require any faxing of the papers and documentation. That is why the finances are free from any formalities and less time consuming. There are some of the best features of these mortgages:
These mortgages are available easily in the loan market;
Faxing of the documents and papers are not required by the lenders here;
Credit check and collateral is not demanded from the borrower;
Repayment terms and its installments are easy and flexible;
These features make the payday loans no faxing popular and common among UK people. The amount that borrower can avail with these mortgages range from £100 or £1500. The repayment term of these finances are flexible and the installments are easy. Borrower can extend the repayment duration but then has to pay the late fine in the form of extra interest. Here are some of the eligibility criteria of the payday loans no faxing:
Applicant must attain the age of 18 years or above;
Applicant must be a citizen of UK;
Applicant must have a valid bank account in UK bank;
Applicant is doing a regular job with a sound source of income.
These mortgages are available for everyone that is those who are bad credit holders are also eligible for these mortgages. A bad credit person can avail the same benefits a good credit person can get from the payday loans no faxing. Some of the bad credit records are like arrears, defaults, bankruptcy, late payments, missed payments; CCJs, IVA, etc. but all are acceptable by the lenders.
Borrower can use the online method to apply for these finances as online is less time consuming and borrower can get the cash within 24 hours of application. Borrower can use the payday loans no faxing according to the needs and requirements.