How To Make Your Credit Report Work For You
You might have been hearing about the importance of good credit for quite some time now. However, you may not know exactly how you can achieve the good credit status that is highly sought after these days. One thing that you need to know is that you can actually use your credit report as a handy tool to help you build up or improve your credit score.
Basically, your credit report is a complete history and record of all of your loans, credit cards and so on. This report will include such information as your payment histories, where you have applied for credit, where you have applied for employment and more.
Are Secured Credit Cards still the best way to establish credit?
Secured Credit Cards are designed to assist people who have never had credit or those who have bad credit, in order to enable them to establish a good credit rating.
Typically, secured credit cards are issued when the holder is able to offer a type of "security" deposit to the lender by depositing a pre-arranged amount of money into a savings account, money market or certificate of deposit. This is how it works: Usually, for a small fee, the lender will allow the card holder to utilize the credit card within the specified parameters. Unlike using the cash for any purchases, the secured credit cards creates a credit history for the holder, thus contributing to their overall credit rating.
With a secured credit card, it is imperative that you make full payments each and every month; otherwise interest is charged on the outstanding balance. If you default, the lender will use the amount in the security account to pay off the debt and this can result in more damage to your credit rating.
*Continue reading about Secured Credit Cards
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- ShortSaleRealtor ShortSaleRealtor Jan 11, 2008 @ 2:23 pm
- another great lens 5 stars 4 u
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- FrancineNeville FrancineNeville Mar 30, 2007 @ 11:52 am
- great information thanks for sharing
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- posheak posheak Jan 25, 2007 @ 5:20 pm
- I just love reading your lenses
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