Wednesday, March 25, 2009

Applied Bank Credit Cards

The Applied Bank credit card is a secured card, which means that in order to receive it, you must open an account with Applied Bank and make a deposit into that account.

The deposit is designed to secure your account should it default. The limit on the card will be equal to the amount of the deposit, which can be between $200 and $5,000.

Your card will have a fixed APR of 9.99%, and you still will be responsible for making regular monthly payments. In addition, your card will be reported to the credit bureaus.

There is an annual fee of $50 for the card. However, because your account is secured by your deposit, everyone is accepted for the card, and there is no credit check required.

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.

You do not have to just live with a low score. You can dispute the derogatory items with the bureaus 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 false! The Fair Credit Reporting Act says that an item can remain on your report for a maximum of seven years. There is nothing about the minimum amount of time.

Many debt collectors have been sued and forced to pay fines for violating this law by manipulating the system and leaving a negative mark on an individuals credit report for more than seven years.

In addition, it is common for credit reports to contain errors"in fact, estimates say that 25% of the population has inaccurate information on their credit report.

While a credit card will help because you will have a positive reporting account and be building credit. It is vital to remove the negative items too.

A lot of people underestimate the importance of your credit score, but a poor score can impact your employment, financial well being and self-respect. There are few words more humbling than I'm sorry, but your declined being spoken by a loan officer.

However by building positive reporting accounts and remove the negative accounts you can achieve a high score. This will enable you to live a lifestyle you truly deserve.

About the Author:
For a Free Credit Consultation Call 1-800-253-3735 . For more about the Applied Bank Visa or for more about Rush Card a popular prepaid credit card.

Comments :

2 comments to “Applied Bank Credit Cards”

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jan erik said...

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