Secured credit card

What do you mean by a secured credit card?
Secured credit cards are another very popular breed of credit cards. Secured credit cards, as their name suggests, are secured. Well, they are secured for the credit card supplier, really. Secured credit cards require you to open an account with the credit card supplier and maintain some cash balance in that account. This cash balance acts as a security for the supplier of secured credit card. Your credit limit is dependent on the amount you hold in the account that you have started with the supplier of secured credit card. This is generally between 50 to 100% of your account balance. So in that sense, secured credit cards are not really credit cards (since they dont offer you any credit really). For this reason, the secured credit cards are sometimes also referred as debit cards.
Why is the concept of secured credit cards so important?
As we know, credit card debt is a raging problem which is caused by improper usage of credit cards. Such people end up spoiling their credit rating to an extent where they cannot get another unsecured credit card (that is what we call the commonly used credit cards). Even after they have paid off their dues and cleared their debt, their credit rating still haunts them. For such people, secured credit cards are a boon. Secured credit cards present them with an opportunity to not only get a credit card in the first place but also to improve their credit rating by using the secured credit card in a disciplined way (paying their dues in time, controlled spending, utilizing a maximum of 70% credit limit etc etc). As they continue with these good habits, their credit rating gradually improves over a period of time. Hence secured credit cards provide them with the means of rectifying their mistakes (credit rating).
Its not just the people with bad credit rating who go for secured credit cards. Some people go for secured credit cards because they dont want to bother themselves with the bills etc for credit cards. They dont like to even fill-up application forms for unsecured credit cards.
Then there are some who just dont like to borrow money (even if it means borrowing from a credit card supplier by using their credit card). However, such people are very rare to find.
Some people just go for secured credit cards because they have heard a lot of horrifying stories on credit card debt maybe someone from their family or one of their friends was devastated by credit card debt and they dont want to repeat the mistake. So they decide to go for a secured credit card.
Whatever be the reason for going for it, the secured credit cards are surely popular too.

Consolidate credit card Consolidate credit card debt

People who are in debt (credit card debt) often get to hear this advice Consolidate credit card debt. So, what does that Consolidate credit card debt mean? Well, pretty simply, Consolidate credit card debt means consolidating the debt on various credit cards into one (or two) credit card. This consolidation can be done either through a low interest bank loan or by transferring balance to a new credit card (i.e. transferring the amount you owe, on one or more credit card, to a new credit card(s)).
So what should you do when you are looking to consolidate credit cards? Well, the key thing to look for is the APR or the annual percentage rate. Whatever method you adopt to consolidate credit cards, APR will always be the key; in fact, you could say that it is the sole criteria to look for. So, if you use a bank loan to consolidate credit card debt, the interest rate on the bank loan should be lower than the APR of the credit cards whose debt you are consolidating. Similarly, if you are moving to another credit card, you must make sure that the APR of the new credit card is lesser than the credit cards whose debt you are consolidating. However, there is a catch that you must be aware of when laying a plan to consolidate credit card debt. The APR rates advertised by most credit card suppliers are the short term APR rates which are meant to lure you to consolidate credit card debt with them. By short term we mean APR rates that will applicable only for an initial period of less than 12 months or some other period after which the APR rates increase. When you go on to consolidate credit card debt with these credit card suppliers, they will offer you a lower (even 0%) APR for the first 6-12 months; and a much higher APR after that. You should check what this higher APR rate is. Your decision to consolidate credit card debt will be fruitful only if the new APR rate is lower than or equal to the APR on your current credit card. You might check with your current credit card supplier to see if he is able to lower your APR (if that works, it will make things really easy for you).
Before you move on to consolidate credit card debt you should understand that consolidating credit card debt will be beneficial only if you pledge to adopt and follow disciplined approach to credit card usage i.e. controlled spending and regular/timely payment of credit card dues.

Unsecured bad credit loan: accepting bad credit without financial security

Unsecured bad credit loan: accepting bad credit without financial security
You are in need of loans without collateral and you think it is easy. You go through your credit report and find what? Bad credit! Yes bad credit. You go through questions like how, when where. Well, settle down you have bad credit. You cant rub it off. All you can do is play along until you abandon it for good credit. You still have a very feasible option called unsecured loan for bad credit.
Since you have a special condition, you need to make special efforts. I say special because bad credit does not literally mean bad in credit lending terms. An unsecured bad credit loan provider will understand this. Everybody thinks bad credit would not happen to them. But the fact is bad credit happens to normal people. In fact bad credit can happen to anyone. Understanding this will make finding unsecured bad credit loan easier.
Now since you are looking for unsecured loan for bad credit this would mean you cannot offer any security for the loan amount you intend to borrow. Unsecured loans are very optimal for those who are looking for loans without guarantee. Usually home is accepted as collateral. So tenants who do not own a home have a realistic option as unsecured bad credit loan. But that does not mean bad credit homeowners are not acceptable as borrowers for unsecured loan. Sometimes, homeowners who do not wish to put their home on risk can apply for unsecured bad credit loan.
For an unsecured loan lender, there is no security for the amount he is offering. This will be reflected in the interest rates. Since you have bad credit also, this will further add to the already increased interest rates. The relative interest rates for unsecured bad credit loan is high. The lender has no claim on any of your asset, unlike secured loans where lender holds the title to your home. But that does not mean lender cant claim the money he lends as
Unsecured bad credit loan. He will resort to other legal cures to claim his money.
Typical interest rate for unsecured bad credit loan depends on your particular situation. A borrower must understand that the interest rate offered to them will not be the same as offered to someone else. Your loan amount, income, credit score, financial condition all will play a role in determining interest rates. Ask for free quotes, most of the sites are offering free quotes. Quotes will give you the approximate idea about much you are going to pay for bad credit personal loan.
Because you have bad credit, it is important that you know you credit score. Credit score is a three digit number. It is easy to find your credit score. Fico score ranges from 300-850. Credit score above 720 is considered good credit score while below 600 will be labeled as bad credit. Grades are given in approximation to your credit score. The grades range form A to E. since you have bad credit you will have C, D and E credit grades.
For an unsecured borrower, knowing your credit score gives you power to get correct rates for your score. If you dont know your score then you may be charged more for bad credit score.
The amount that you can borrow for unsecured loan can vary with lender. The unsecured bad credit loan lender will provide as low as 500 to as high as 25,000. Unsecured loans are useful for low amounts. For very low amounts you will have to check whether unsecured bad credit loan are appropriate. Sometimes, alternative forms will prove to be better. This will require research and will help you to settle on best deal possible.
Unsecured loans for bad credit are appropriate for every purpose. Bad credit unsecured loans are equally appropriate for home improvement, education, debt consolidation, vacation, automobile purchase or wedding.
Unsecured bad credit loans are providing you with financial security without warranty. You of course have a very potential instrument in your hand. If you are able to employ it in the right way you will be of course flogging off financial impediments in the most favourable way ever.

What are the common credit mistakes?

In simple terms, credit means that you are going to use the money of someone else to pay for your own things. By taking a credit, you owe to repay the creditor with the entire amount with some rate of interest. It happens that when you want to take some sort of loan or credit, any financial company shall look into your credit history and the credit worthiness to understand whether any financial risk is involved in the deal. Such agencies decide the terms and conditions for granting the loan based upon the financial soundness and good credit history of the person.
Common credit mistakes
There are some credit mistakes made by people that lead to a bad credit score and financial stake avoiding which you can ensure reduced credit debts too.
1. If you use very expensive credit cost that are not much desired then it shall affect your credit score negatively.
2. Dont carry too many credit cards that shall make your credit report to state that there is too much credit degrading your credit worthiness.
3. If you are paying only minimal dues then it shall raise your credit balances very high.
4. If you take much cash advances, it shall cost you high rate of interests and some additional fees too.
5. Never exceed your credit limit that shall make you entitle to pay some over limit fees and shall influence your credit score badly.
6. Try to pay your credit balance on time failing which you shall have to pay unnecessary late payment fees leading to high interest rates.
7. Dont charge more than what you can afford as this will create amassing debt that you wont find easy to pay off later.
8. Never let others to use your credit such as cosigning a loan because this shall make your credit report state too many consumer accounts and will adversely affect your credit score.
9. Dont ignore your credit problems as this will lead to unwanted negative affect on your credit score. Instead talk to your creditor before you are late and make necessary arrangements.
10. Dont fail to report any change in the address to the creditors so that there are no misplaced bills and late payment.
11. Always use your full legal name and dont confuse your creditors with partial names and initials.
12. Check your credit report frequently so that you are clear with all your credit status.

Should I cancel my unused credit cards?

Should I cancel my unused credit cards? This is a question many people ask themselves and searching for a right answer. If you are one among them this comprehensive guide will help you how your unused credit cards can affect your credit scoring and some tips to be known before you cancel your unused credit cards.
Though having one or more credit cards with you is an easy way to get some money urgently, remember your unused credit card can affect your credit scoring. Many people are not aware of this fact that their unused credit card will adversely affect their credit score. Closing your unused card will not wipe out your past credit history with the account but it will help you to reduce your open credit. But before you cancel your unused credit cards make sure that you are going to cancel the cards which you think you dont want anymore. There are several peoples who used to cancel their credit cards just to increase there current credit score. But remember that doing so wont increase your credit score. That is it is not a good idea to cancel your unused credit cards just as a short term strategy to increase your credit rating.
Before you take a decision of whether to use your credit card or to cancel your unused credit card make a thorough study that you wont need the credit card at a later stage in your life. That is, make yourself clear why are trying to get rid of a credit card. The next step is to check whether there is any balance to be paid for the credit card you are about to cancel. Dont try to cancel your credit card while you are paying the balance. Cancel the credit card after you have completely paid the balance amounts. Get a copy of your current credit report and make it clear if your credit card is making any problem to your credit scoring. If not, then why bothering about canceling your unused credit card.
There are also several advantages of keeping a credit card with you. That is keeping a credit card will be an added advantages when you are applying for a vehicle loan or a mortgage. It is seen that most money lenders tend to check how much you owe compared with your maximum available credit. So if you think that you can use your credit card in some form or other it is advisable not to cancel your available credit card. Try to manage your credit card in a good way. After all, by canceling your available credit card you are closing your door for an available amount of credit.

No credit check personal loans: when the best loan cant

No credit check personal loans: when the best loan cant offset bad credit
If there was ever a life saving drug in the loan industry to people with bad credit it is personal loans. Bad credit usually is not very keen to part with your credit history and stays for 7-10 years depending on the severity of the credit problem. Those who have bad credit are rarely comfortable with loan borrowing. For them there is a silver lining in a rather new improved form no credit check personal loans.
Interestingly, there are still lenders who are not ready to take the risk with bad credit borrowers. Borrowers are turned down due to any credit problem No credit check personal loans, for the first time, give the bad borrowers a chance to share the platform with those who have good credit. With no credit check personal loans these borrowers have equal set of opportunities to choose from. No credit check personal loans also are great way to borrow when time is less, especially with no need to browse through credit reports.
No credit check personal loans though achievable but will require patience and perseverance on the part of the borrower. Finding no credit check personal loans will require an extensive research. Online you can locate many options for personal loans without credit checks. But a borrower must be careful for online there are as many chances of getting duped as of getting success.
Dont rush and carefully think about which no credit check personal loans to sign for. First look around and apply for free quotes. Free quotes will enable you to evaluate the cost of no credit check personal loans. Quotes are personalized so they will exclusively deal with the cost of for your particular situation. Then comes comparing loans. Comparison of no credit check personal loans quote will open your eyes to the loan that maximizes benefits for you. While you apply for personal loans without credit checks, make sure you understand terms and conditions. And the fine print! Did you read it? Ensure that, in your enthusiasm, you did check it holds no surprises for you.
While looking for no credit check personal loans look carefully for interest rates. You might come across the term APR. This is annual percentage rate and gives the real cost of the personal loan. It takes into account the sum of the interest and other fees, such as discount points, compared to the amount of the loan. With no credit check personal loans look for loans with lower APR. No credit check personal loans may not be categorized exactly as low interest rate loan. But the loan lenders will charge reasonable fee for personal loans with no credit check. Try to differentiate between reasonable and outrageous fee and skip those lenders who charge high fee or outstanding benefits.
No credit check personal loans should be restricted to small amounts and small terms in the beginning. Take personal loans that you can easily repay. If you make no mistakes, you build your reputation with the lender. Thereby loan lender will consider you as reliable borrower and later you can qualify for larger amounts with better interest rates. No credit check personal loans can be a new start for your credit situation.
In case you want to borrow large amount with no credit personal loans, collateral will ensure its approval. If you are applying for personal loans with no credit check, purpose will not be an impediment. Debt consolidation, boat, wedding, home improvement, car. take no credit check personal loans for whatever reason. But do coordinate purpose with loan term. Loan term that extends beyond 3-5 years for automobile or wedding personal loans means you are faltering with your calculations.
There is no better way to compliment the power of loan borrowing by using the loan sensibly. A personal loan with no credit check is a means like any other loan, to satisfy your financial anxiety. Entrust it to provide that while you make no mistakes. Think of the freedom of not being turned down for bad credit while looking for personal loans! At the end of the day no credit check personal loans are still an exceptional way of money borrowing.