Applied Bank Credit Card – Review
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.
This card is issued as a visa and is accepted everywhere the visa logo is displayed. By making on time monthly payments you will be able to create a trail of positive payments.
This can help repair a damaged credit score, but we also recommend that you eliminate negative information from your credit report.
Many people think that you just have to live with a low credit score, but this is not true. It is possible to contest the negative items with the credit bureaus and request that they be erased.
Speaking with the credit bureaus is the best way to improve a below-average credit score. Many people have read or heard that a negative item needs to stay on your credit report for seven 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.
While a credit card will help because you will have a positive reporting account and be building credit. It is vital to remove the negative items too.
Never underestimate the importance of your credit score. It can impact your employment, financial health and self esteem. Hearing the words Im sorry, but youre declined from a loan officer is an extremely humbling experience.
However by building positive reporting accounts and remove the negative accounts you can achieve a high score. This will enable you to live a lifestyle you truly deserve.