SECURED CREDIT CARDS BUILD CREDIT HISTORY
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Industry experts agree that a secured credit card is one of the best ways to start building a credit history if you have none and to rebuild a good credit profile if your credit score has been negatively impacted.
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New Millennium Bank has guaranteed your credit approval for up to $10,000** (with both cards) in secured credit with no credit check!
- GUARANTEED ISSUE
- COMPLIMENTARY ONLINE SERVICES FOR ACCOUNT MANAGEMENT AND PAYMENTS
- NO CREDIT CHECK
- BE APPROVED REGARDLESS OF INCOME OR CREDIT HISTORY
- REPORTS TO THE THREE MAJOR CREDIT BUREAUS
There's two pretty good rules you should set up for yourself. The two things you can do to most positively affect your credit score with your secured credit card.
- Find out what day of the month the credit card company reports to the credit bureaus and make your drop-dead monthly payment date three days earlier than that. You can get that information off your credit report if you already have a card from that same bank, or you can call and ask somebody at the bank.
- Pay down the card balance each month - on or before your drop-dead payment date - so that you never show more than 30% of your secured card's credit line as an outstanding balance. For example, if the credit limit is $1,000 you never want the outstanding balance to be more than $300 on the date that the bank reports to the credit bureaus.
There's a reason these two rules will help you improve your credit score the most. See FICO
Credit Score explained.
Life gets in the way of good plans sometimes but you should never lose sight that the purpose of your secured credit card is to build a credit history, not buy things.
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