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How to qualify for the credit card you want 

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Secured credit cards are one way people with lower credit scores can obtain cards. (iStock)

Consumers with a bad credit history or a credit score lower than 580 can still qualify and get approved for credit cards they are seeking — whether it’s cards with rewards programs (like travel rewards or cash back rewards), student credit cards, secured cards, one with a signup bonus or beyond.

People who were denied a credit card or loan because they have a low or bad credit score can continue building credit and reverse their situation over time. Consumers find themselves with a lower credit score when they do not pay their bills on time or went over the recommended credit utilization ratio because the amount of debt they had compared to their income was too high.

Improving your credit score can take a while, but earning rewards, such as paying lower interest rates, are worth it. You can eventually have a good credit score where you can qualify and receive 0% APR balance transfer cards. To learn more about 0% APR credit cards — which enables you to avoid paying interest charges for up to 18 months in some cases, check out Credible’s breakdown of vendors and what they have to offer.

How to get approved for a credit card — 5 steps you need to take

1. Shop around for credit cards or loans

There are credit cards geared for people who have a low credit score because they are first-time credit card users (lenders require you to be at least 18 years old). Other credit card lenders market their card for people with lower or bad credit scores.

WHAT REGULAR APR MEANS ON YOUR CREDIT CARDS AND LOANS

You can start by doing researching different types of credit cards through Credible to compare lenders and save more money for your bank account.

If you are trying to build your credit score, look for cards without annual fees and consider ones that offer higher percentages for cash back for daily purchases such as food and other necessities. Consider which cards rewards and perks fit your lifestyle best.

2. Build up your credit score

If you are just starting out, you can build your credit score by using your card on a regular basis, paying your bills on time (not piling up credit card debt) and paying more than the minimum required amount. Make sure you pay your other bills, such as student loans, on time because that will help lead to a better credit record. A secured credit card can also boost your credit score.

FED’S EMERGENCY RATE CUTS AFFECT YOUR CREDIT CARD – HERE’S HOW

3. Obtain a secured credit card

A secured credit card can help boost your credit score over time. Secured cards aren’t hard to find — most major credit card companies offer them, so you’ll have plenty of options to pick from.

Consumers are required to put cash on the card (essentially a security deposit) before being approved. The deposit is usually the same amount of your credit limit—your deposit will be $500 in order to get a $500 credit limit. It can take several months for your credit score to rise, but it shows the card issuer you are using the card responsibly.

HOW SECURED CARDS HELP BUILD YOUR CREDIT

4. Use your credit cards on a regular basis

Your credit score is based partly on using debt wisely. Lenders are looking to see if you have a pattern of paying your credit card debt down and paying your monthly bill on time. If you are hesitant to use your credit card often, use it sparingly for a small bill like your cable or cell phone bill or for inexpensive purchases such as buying gasoline or for the toll road. Pay your monthly credit card bill on time.

5. Avoid closing your other credit cards 

If you have credit cards that you have paid off or do not use anymore, do not close the accounts. Credit card issuers look at the total amount of money you can borrow. If one of your credit cards has a credit limit of $1,500, closing the account lowers the total amount you are able to borrow and will increase your credit utilization ratio or the amount of money you can borrow compared to what you have spent on your credit card already. If you have three credit cards all with credit limits of $1,500 each, closing one card will lower your overall credit limit by 33%. Unless you are paying a high annual fee, keep the card open until your credit score improves.

Check your credit score on a regular basis to make sure no mistakes were made. You can check your credit score without penalties and many credit cards now provide your credit score for free also.

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Letter: Vote for Kiesha Preston | Letters

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The residents of Roanoke, Virginia, need to get out of the box of voting based on party affiliation. It’s time to vote for the best candidate to do the job.

Kiesha Preston is running as an independent and is the best choice for Roanoke City Council. When she was only three years old, she was troubled because a local Kroger store removed the kiddie carts. She asked me how to get them back so she could shop beside me. I told her to go to the manager and she did. She stated her case, and a few weeks later those kiddie carts were back in the store.

Kiesha also has presented a bill to Congress that was approved. The Virginia Domestic Violence Victims Protection Act prevents domestic violence victims from not being able to rent an apartment because of bad credit as a result of their abuser ruining their credit.

These are but two examples of Kiesha’s tenacity and getting results. We need people on council who have no agenda and are truly willing to work for the least of us.

Kiesha is not intimidated by those in power and will hold her own to help those who cannot help themselves. This is why she is the right person to get the job done.

Please do not be discouraged because you are tired of the same old same old where parties are concerned. You have another choice so please vote for Kiesha Preston. She has been working tirelessly on behalf of the people without being elected to an official office. Just imagine what she can do once she is officially on City Council.

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This One Credit Card Will Get You the Most Cash Back Right Now

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Let’s admit it, choosing the right credit card can be a stressful process. There are so many variables to consider—from annuals fees to credit score requirement—not to mention the various rewards and benefits each card offers, and how those align with your lifestyle and spending habits. Then there are those hidden fees and interest rates you have to reckon with. In other words, it takes a lot of work to make a truly informed decision when it comes to choosing a credit card that’s right for you. Perhaps a good cash back program is high on your credit card priority list because, well, who doesn’t like some extra money in their pocket?

To help you decide on the credit card that is going to get you the most cash back, the experts at personal finance site WalletHub compared more than 1,500 current credit card offers. From that large pool, they narrowed down the field to the cards that offer cash back rewards, comparing those offers based on initial bonuses, rewards earnings rates, annual fees, and more. From that analysis, here are the best credit cards that will get you the most cash back right now. And for more money matters, check out This Is the State Where Your Money Is Worth the Least.

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Alliant Cashback Visa Signature Credit Card

Best for: Cash back on all purchases

Cash-back rate: 2.5 percent

Annual fee: $0.00 for the first year; $99.00 after that

What kind of credit you need to get one: Excellent

Learn more about the Alliant Cashback Visa Signature credit card here.

If you are worried about having buyer’s remorse after choosing a credit card, put that into perspective by checking out What You’re More Likely to Regret Than Anything Else You Do.

7

Discover It

Best for: People with bad credit

Cash-back rate: 1-2 percent

Annual fee: $0.00

What kind of credit you need to get one: Bad

Learn more about the Discover It credit card here.

6

U.S. Bank Cash+ Visa Signature Card

Best for: Cash bonus for good credit ($200.00)

Cash-back rate: 1-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the U.S. Bank Cash+ Visa Signature Card here.

And to make sure you have money to pay off those monthly bills, avoid The Biggest Career Mistake You’ll Ever Make, According to Experts.

5

Chase Freedom Unlimited

Best for: No APR on purchases

Cash-back rate: 1.5-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the Chase Freedom Unlimited credit card here.

And for more things that will help you and your family stay on the right financial track, check out The No. 1 Sign You Shouldn’t Buy That House, According to Realtors.

4

Capital One QuicksilverOne Cash Rewards Credit Card

Best for: People with limited-to-fair credit and looking for low annual fee

Cash-back rate: 1.5 percent

Annual fee: $39.00

What kind of credit you need to get one: Fair

Learn more about Capital One QuicksilverOne Cash Rewards Credit Card here.

3

Citi Double Cash Card—18 month BT offer

Best for: Flat-rate rewards

Cash-back rate: 2 percent

Annual fee: $0.00

What kind of credit you need to get one: Excellent

Learn more about the Citi Double Cash Card here.

2

Capital One Savor Cash Rewards Credit Card

Best for: Dining and entertainment

Cash-back rate: 1-4 percent

Annual fee: $95.00

What kind of credit you need to get one: Good

Learn more about the Capital One Savor Cash Rewards Credit Card here.

1

Blue Cash Preferred Card from American Express

Best for: Most cash back overall

Cash-back rate: 1-6 percent

Annual fee: $0.00 for the first year; $95.00 after that

What kind of credit you need to get one: Good

Learn more about Blue Cash Preferred Card from American Express here.

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Possible Raises Series B and Moves Fully Remote | State

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SEATLLE, Oct. 20, 2020 /PRNewswire/ — Possible raises $11 million in new equity funding to expand the team and to provide additional products for its customers. Union Square Ventures led the round, with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs. The company has also secured $80 million in new debt financing from Park Cities Advisors.

Furthermore, the company is now fully remote and recently onboarded software engineers from across the US and the globe. Possible is committed to distributed work and actively recruiting for a number of other remote roles.

Possible provides friendly access to capital and a simple way to build credit for people who otherwise would get a payday loan or get hit with a bank overdraft fee. The company uses real-time financial data, rather than a credit score, to qualify customers and provide funds instantly through its iTunes and Android apps. Unlike payday loans or overdraft fees, Possible loans are paid back in small installments over multiple pay periods to allow customers to catch their breath. By reporting on-time payments to the credit bureaus, Possible enables its customers to build credit history and eventually qualify for cheaper, longer term financial products. On average, customers with low credit scores see their scores increase by 70 points within 4 months.

Tony Huang, Possible’s CEO explains, “So many people who live paycheck to paycheck can’t afford to build credit history. We’re helping them do it for the first time while providing them with a friendlier and more affordable small-dollar loan.”

Since launching in June 2018, Possible’s given out loans to hundreds of thousands of customers, helping meet short-term cash needs while building credit history or establishing credit for the first time. These customers, often with bad credit or no credit history, are underserved by traditional banks. Possible fills that gap and provides financial access to those who need it most while giving them the means to climb their way out.

Gillian Munson, Partner at Union Square Ventures, explains the thesis behind their new investment, “Through tech innovation, data-driven insights, and a focus on the customer, Possible is well on its way to winning the hearts and minds of both consumers and regulators alike, and building a trusted brand that endures.”

A 2019 Experian study shows 34.8% of consumers are subprime and can’t access money when they need it. They pay $106 billion in punitive fees each year to the existing financial system for short-term credit products. These consumers are trapped in predatory debt cycles of payday loans and overdraft fees without the means to rebuild their credit or improve their financial health. While there has been a number of new tech-enabled products in this space, most lead to similar debt cycles and don’t address the harder issue of improving long-term financial health. That’s where Possible comes in.

Since the company is now fully remote, Possible is actively hiring talent across the globe. Tyler, Possible’s CTO, explains, “Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission.”

About Possible

Possible is a fintech company based in Seattle, Washington. The company provides a friendlier and easier way for customers to access capital while also building credit history and improving long-term financial health.

About Union Square Ventures

Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV manages over $1 billion in capital across seven funds and focuses investments in portfolio companies with the potential to transform important markets.

About Park Cities Advisors LLC

Park Cities Advisors LLC (“PCA”) is a privately held, SEC-registered alternative credit manager based in Dallas, Texas. PCA is focused on private lending across the specialty finance and FinTech sectors and provides debt capital to companies across a variety of industries through asset-based financing transactions.

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