The Applied Bank credit card is a secured card. That means that you must open an account with Applied Bank and make a deposit into that account before you can receive your card.
The deposit is designed to secure your account should it default. The limit on the card will be equal to the amount of the deposit, which can be between $200 and $5,000.
You will still have monthly payments and a fixed APR of 9.99%. Additionally your card will report to the credit bureaus.
There is an annual fee of $50 for the card. However, because your account is secured by your deposit, everyone is accepted for the card, and there is no credit check required.
The card will be issued as a Visa card and is accepted everywhere that Visa is accepted. If you make your payments regularly and on time, you will be able to generate a history of positive payments.
This can help repair a damaged credit score, but we also recommend that you eliminate negative information from your credit report.
You do not have to just live with a low score. You can dispute the derogatory items with the bureaus and have them erased.
Contacting the credit bureaus to dispute derogatory entries is the most effective way to improve a low credit score. Many people believe that negative items must stay on your credit for seven long years.
However, this is completely untrue! According to The Fair Credit Reporting Act, seven years is the maximum amount of time that an item can remain on your credit report”no mention is made of a minimum amount of time.
Many debt collectors have been sued and forced to pay fines for violating this law by manipulating the system and leaving a negative mark on an individuals credit report for more than seven years.
In addition, it is common for credit reports to contain errors”in fact, estimates say that 25% of the population has inaccurate information on their credit report.
Having a credit card can help you have a positive reporting account and can help you build your credit, but it also is imperative to eliminate the derogatory items.
A lot of people underestimate the importance of your credit score, but a poor score can impact your employment, financial wellbeing and self-respect. There are few words more humbling than Im sorry, but youre declined being spoken by a loan officer.
All is not lost, however. If you build positive reporting accounts and eliminate the damaging items, you can improve your credit score and live the lifestyle that you truly deserve.
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