ORDERING CREDIT REPORTSThe best place to order your Credit Reports is at www.annualcreditreport.com or by mailing directly to each of the three Credit Bureaus below: Equifax, Experian & TransUnion.
***WARNING**** To avoid an inquiry, do not have a Lender order a merged report! The reports that you receive in the mail are the most concise and easy to read. It will take about 2-4 weeks to receive them by mail. You can download immediately from www.annualcreditreport.com. Here is the URL for the form for your convenience. https://www.annualcreditreport.com/manualRequestForm.action You will be asked several personal security questions to confirm your identity and to avoid fraud. The downloaded reports are usually lengthy can be as much over 50 pages long. Or you can also use these Credit Report Request letters in the links below to print-out, the request form, manually fill-out & complete the form, then mail these reports to each of the Credit Bureaus directly below. SECURED CREDIT CARDS What is a Secured Credit Card? Definition: A Secured Credit Card requires you to make a deposit against the card's Credit Limit. Your Credit Limit will usually be a percentage of your Security Deposit or it may be the same as your deposit. Many banks place your deposit into an interest-bearing Savings Account where it stays until you close your Account, upgrade to an Unsecured Credit Card, or default on your Credit Card balance. Secured Credit Cards act just like regular Credit Cards. Purchases reduce your available credit and you're required to make monthly minimum payments on your balance. If your Secured Credit Card has a grace period, you can avoid paying Finance Charges by paying your balance in full each month. Late Payments and Over-the-Limit transactions are both penalized with a substantial fee. Secured Credit Cards often have more fees than Unsecured Credit Cards. It's common to pay an Annual Fee and/or an application fee. Some Secured Credit Cards charge monthly account fees and credit limit increase fees. Some Secured Credit Cards review your account after a certain amount of time, e.g. 12 months, and upgrade you to an Unsecured Credit Card if you qualify. You can improve your opportunity of qualifying for an Unsecured Credit Card by making your payments on time and keeping your credit card balance low. Even if your Secured Credit Card issuer doesn't upgrade you to an Unsecured Credit Card, you may qualify for an Unsecured Credit Card with another Credit Card Company after 6 - 12 months. That is assuming your Secured Credit Card Company has reported your credit history to one of the Credit Bureaus: Equifax, Experian and TransUnion. A Secured Credit Card is a good choice if you are just starting out with credit or you need to repair a damaged credit history and you can't get approved for a regular Unsecured Credit Card. You build your credit and also your Credit Score by obtaining a Secured Credit Card and using it on a monthly basis. You should pay off the entire balance each month and avoid paying interest. An example would be to buy gas or groceries on the Secured Credit Card and pay it off at each month's billing. Tips when looking for a good Secured Credit Card:
Here are a couple of helpful links: 2018 Top Secured Credit Cards http://www.creditcards.com/secured-credit-cards.php Best & Worst Secured Credit Cards http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/ |
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