Applied Bank Secured Credit Card
Your Applied Bank Secured Credit Card
The Applied Bank credit card is secured. This is how it works; you open an account, make a deposit, and you are then issued a card.
It will have a limit equal to your deposit, minimum is $200 and maximum $5,000. This secures your account in case of default.
You will still have monthly payments and a fixed APR of 9.99%. Additionally it will report to the credit bureaus.
As a result of your account being secured, there is no credit check and everyone is approved. However there is an annual fee of $50.
It is issued as a visa and is accepted everywhere the visa logo is displayed. By making on time monthly payments you will be able to create a trail of positive payments.
If you are concerned with repairing a damaged credit score this can help. However we suggest you also remove negative information from your 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.
This has been shown to be the most effective method of raising a bad score. There is a lot of information circulating that says a negative item must remain on your report 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.
There have been many lawsuits filed against debt collectors because they had been violating this law. There have been debt collectors that have paid fines because they had been manipulating the system and keeping a negative mark on a 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.
While a card will help because you will have a positive reporting account and be building credit. It is vital to remove the negative items too.
Your score is a very important number and can impact your; employment, financial well being, and self confidence. There is not a more humbling sound that hearing a loan officer say “I’m sorry but… you are declined.”
However by building positive reporting accounts and remove the negative marks you can achieve a high score. This will enable you to live a lifestyle you truly deserve. Get the best secured credit card today through applied bank.
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