There aren't a lot of new ways to help those with damaged credit rebuild their credit
file but the Ultra credit card has found an innovative way to help the consumer start the difficult process of rebuilding damaged credit.
It's a story that plays out over and over. It's the unfortunate byproduct of a struggling economy. Financial emergencies are present in all walks of life. Those who were barely making it are now deep underwater but even more shocking are those that just one year ago were financially healthy.
Recessions claim victims from all walks of life and once the dust clears, financial ruin is often the sad byproduct. There is very little that anybody can do to fix damaged credit other than show consistent positive credit history. The Ultra credit card can help with this.
This card is not like any other card you will find. In fact, there is a patent pending for their method. The Ultra credit card has three different accounts linked to it. First, there is the cash account. The cash account is used for cash loading. If you use their bill payment feature, the money comes from this account. It is also used to pay the minimum balance which is automatically deducted each month.
The last thing the cash account is used for is to fund the next account which is the secured account. This account is what funds the credit balance of the credit card. You can't touch this account as it is used to pay off your actual credit card. You will always have the same amount of money in this account as you have as an outstanding balance on your credit card.
Finally, the credit line account is the actual card. Your credit line is the amount of money that is in your secured account. With all of these accounts linked to your credit card, this is still a secured credit card and functions essentially the same way.
You must transfer money from your paycheck or other source to your cash account in order to have a higher credit balance. Direct deposit is free while the many other funding options come with a fee. Your positive credit activity in all accounts is reported to the three major credit bureaus so you will quickly begin to rebuild your credit file.
The Ultra credit card is a card worth looking at. With the many innovative features, it is sure to help you rebuild your damaged credit.