So what kind of credit card am I referring to when I suggest you apply online for a credit card? Apply online for a credit card to establish brand-new credit? This might sound like poor or unworkable advice. But if you apply online for a credit card and it’s the right type of credit card, you are pretty certain of being accepted for the credit card. And you’ll be on your way to establishing a good credit record for yourself.
I’m referring to a secured credit card.For those folks unfamiliar with the term “secured credit card” here’s the basics of how the program works.The person with no credit (you) apply online for a credit card with a bank offering a secured credit card. You make a deposit (that you’ll will not be able to touch) with the bank to act as security for your credit card. The deposit secures the credit card; hence the term “secured credit card”.
When you apply online for a secured credit card, you are likely to be approved unless you have extremely poor existing credit. That’s because the bank has very little risk – your deposit will cover your use of the credit being extended to you.
There are things to consider when you apply online for a secure credit card. The terms for your credit card are going to include a relatively high interest rate. The bank is taking a risk on a person with no credit history (or a poor one) and so they exact as much profit as they legally can. There might also be fees that folks with great credit won’t be charged; they may me called “annual membership fees” or “participation fees”.
However, even though these extra fees are not great, the ability to start recording good credit in your own name might justify that you apply online for a secured credit card.
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John Mann, webmaster for http://www.PersonalFinancialResources.com has seen how bad credit can devastate a person's life.
If you are interested applying for a secured credit card, you might be interested in reading his review of a well known credit card called the "Orchard Bank Secured Credit Card".
However, if you're more interested in finding a legitimate credit repair company to help you restore your damaged credit, read his review of a company called Lexington Law. These folks are true credit repair professionals who have helped thousands of people repair their damaged credit.
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