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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.
Loans for young people: Graceful financial aid for young individuals
If you are young and willing to go for further studies then loans for young people are available to you. With assist of this financial aid you can easily fulfill your all requirements with ease and comfort. Now, to make your dream come true you dont have to depend on your parents. When you need instant financial aid you can consider these loans and avail easy funds without meeting tiring and tedious formalities.
Basically, loans for young people are a small term purpose loan that is beneficial to use for only small purposes. You can use the borrowed funds to meet numerous requirements such as paying college fees, buy a laptop, credit card dues, purchase some expensive books, plan an exotic holiday trip with friends, get a new gadget, stationary expenses, purchase expensive clothes for friends party and so on.
For the youngsters it can be the ultimate financial assistance as it avails you instant funds without any hassle and delay. To get the quick cash approval, you must be an adult inhabitant of UK, hold a valid saving account not more then three months old and you must be able to timely repayment.
Further, with ease of internet you can easily avail the funds without any fuss and hassle. You just have to complete an easy application form with details like name, requirements, address, email id, contact no, checking information and submitted online. The lender will review the form and transfer the funds directly in your mentioned bank account within next 24 hours.
The great feature of loans for young is that you dont have to stand in long queues and fax numerous papers and documents to the lender. Even, if you are carrying a bad credit history and records then dont worry because lenders dont held credit check process while approving the funds.
In addition, for the borrowers expedience lender will not ask you to pledge any kind of collateral against the amount. It is unsecured in nature thus tenants and non-homeowners may easily apply for these loans and attain swift funds without any hassle and delay.
Now, one can easily get the preferred amount for any kind of emergencies with assist of loans for young people.