How To Apply For A Secured Credit Card

Are you planning to apply for a secured credit card

? Are you delaying an application because youre not sure whether youll be approved or not? Do you have problems with your credit score? If you answered yes to any of these questions then consider these credit card application tips so you can meet the requirements when you apply for a secured credit card.

You Need to Know Your Credit Score.

Number one tip to remember is that its important to know your credit score status. Make sure you take a copy of your credit report. If you have not, get a copy now and see if all the information and charges on your credit report are correct. If it is correct and you find that you have a low credit score, then it is time to start rebuilding your credit score.

Do Not Close Out Your Old Cards.

If you want to apply for a secured credit card or a cash back reward credit card to replace your old credit card, dont close your old cards. Even if you do not use them due to their high fees and interest rates, you will still want to keep them. Why? The reason is; they will play a significant role in your credit history. Closing out your older cards is the same as erasing the previous parts of your credit history. Instead of closing out the credit cards, just dont use them. You want to keep them active, but just use them to pay smaller bills or better yet, make a small purchase that you can pay off easily.

Never Max Out Your Credit Limit.

The ideal limit to your credit use should be at 40% and below. Going over 50% of your allotted credit limit is damaging to your credit score. Also, when you max out the credit limit of the card, you are at risk of being charged with much higher fees and interest rates by the card company.

Dont Send Out More than One Credit Card Application.

Never test your chances of getting approved by submitting credit card applications to more than one Card Company. Youre doing more damage than good to your credit score. Worse yet, if a credit card company rejects your application, it will lower your credit score even more. Have a plan. The most effective way to get approved is to work on your credit score before ever submitting an application.

Whether you are wanting to apply for a secured credit card or business reward credit cards or even a balance transfer credit card with no fee, if you will use these tips you will have success. If your credit is not the best at the moment, you may wish to consider looking for a secured credit card application first.

by: Wendell and Charmayne Vannatter

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