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Going through bankruptcy and/or foreclosure is a traumatic experience many of us have gone through recently. I know just how it feels...I've just been through it. Financial hardship makes you feel "less than" no matter what the circumstances that caused it...your fault or not. Our financial lives are in ruins. The news indicates more financial hard times are ahead. Recent articles in the news say that only those people who have good credit scores will be able to get credit in the future, including home loans, car loans and credit cards.
With the current economic upheaval nationwide, where do we start to rebuild our good credit? Is it even possible to have good credit again? I have been searching for the right opportunity to begin again, and I've done a lot of research. What? are our choices:
Merchandise Card - a way to obtain a line of credit for products I may wish to purchase, but only for the products available through that merchandise card. Some merchants offer credit reporting to one or two major bureaus, and many do not.
Secured Credit Card - by depositing money in a pledged savings account, I can have a credit card for general purposes, but my deposit cannot be used by me during the term of the card use. By doing this, my credit gets rebuilt if I make my payments on time. Banks report to one, two or three major credit bureaus.
Unsecured Credit Card - by paying fees to obtain a credit card of approximately $300, I can have a credit card for general purposes, but I can only have the limit they grant amount to use. Some banks/merchants report to the major credit bureaus, but some do not.
I weighed the options for me and my family, and think I have found the right answer for me. I found a proven, no-hassle way to get a real general purpose credit card, without having to qualify that reports to all three credit bureaus and started me on the path to financial freedom, even with a bankruptcy...even with bad credit! Sounds too good to be true...right? Well, it is true! This Visa card is available to most everyone, and takes only a few minutes to get set up. If you have as little as $200, you can deposit it into this FIDC insured bank. Then use the credit card to buy things up to the limit set by the amount of your deposit, and pay for it normally. It's that simple. You can, of course, deposit more, and have access to more. There is a one-time application fee of $79.
Now you think...that's crazy, you ask...why would I want to deposit money and still use my own additional money to pay for things through the credit card? The answer is this...if you pay for things yourself, nobody knows about it but you. But if you make a deposit (to guarantee your ability to make payments) and use the credit card to pay for your purchases with your own funds, then the record of those charges and payments gets reported to the credit bureaus as a regular credit card, and you get the benefits of raised scores because of it. The credit bureaus weigh your ability to make monthly payments on time every month as one of the most important things to increase your score.
Actually, this credit card is ingenious! What you want to know is this...Public Savings Bank provides this service to you with no interest charged for the first six months, and then 7.99% thereafter...way below the competing cards. All you have to do is use the credit card to pay for your every day expenses, and you are building a credit history at the same time. Here's the low down...
...you don't have to make your deposit until you're ready to begin using the card.
o 0% APR for 6 Months on Purchases
o No Annual Fee
o They Report to All 3 Credit Bureaus
o No Minimum Credit Score, No Income/Employment Verifications
o 25 Day Grace Period
o Use the Card Everywhere You See the Visa® Logo
o Lifetime Credit Limits up to $10,000
o Choose Your Credit Limit From $200 to $1500 to Start
o 24/7 Online Account Access
o All Applications Accepted!
o Free Visa Rewards Including Auto Collision Damage and Emergency Card Replacement
o Automatic Auto Rental Insurance
o Travel and Emergency Assistance
o $0 Fraud Liability
This bank is insured by the FDIC, so you can rest assured your funds are safe. When you are finished using this credit card, simply request a return of your deposit.
Do like I did and get started. Remember, there's no qualifying...only a one-time cost of $79 accompanies the application, and no interest is charged for the first six months. Deposit $200 to $1500 to start, and start using your Visa card right away for any purpose! Pay your bills, and start spending for those Holiday gifts you must buy. Remember...you must start again to build your credit so that bankruptcy won't have ruined it forever. Don't delay...do it today!
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