Secured Credit Card Scams
Have you seen those ads out there that offer guaranteed credit card qualification for people with bad credit? It is rather tempting, especially if you have less than perfect credit. Understanding how to obtain a secure credit card can help you recognize a secured credit card scam
Secured Credit Card Basics
Here are a few facts about helping you get a secured credit card:
For one, a secured credit card insists that you open a savings account and maintain anywhere between 300 to 1,000 dollars. Essentially, the amount in the account is what secures your credit line.
In addition to your credit line matching at least 50 percent of your deposit, there is an application and processing fee. You may be subject to a higher interest rate and annual fee because of your lower credit rating.
Protect yourself by being able to recognize a scams.
Here are a few ways to do so:
* Know that credit is never a sure thing. If a company offers you a credit card without running a credit check it may be a scam.
* Avoid calling 900 numbers for credit approvals no matter how good the offer may sound.
* Avoid credit repair companies that offer credit cards as a mean for repairing credit history.
Keep in Mind
Please keep in mind that good credit choices and time are two key ingredients in fixing negative credit scores.If you must obtain a secured credit card with the objective to improve your credit score, make sure that the company reports to all three credit bureaus.
If you are not seeing any efforts from your disputing methods give us a call for a free credit repair consultation at 1-855-855-6157 or contact us.