No credit? No problem! Here's how to get good credit if you don't have any.These days, having good credit is far more important than simply having the ability to borrow money. Credit comes into play when you apply for a job or try to rent an apartment. Even auto insurance can be determined by your credit rating. So, what should you do if you're you're Contraction of you are. you're you are you're be trying to establish or rebuild your credit? Well, before you dial that 1-800 credit repair number you saw on late-night late-night also late night adj. 1. Occurring late at night: a late-night television show. 2. Open late at night: a late-night diner. TV, beware be·ware v. be·wared, be·war·ing, be·wares v.tr. To be on guard against; be cautious of: "Beware the ides of March" Shakespeare. v. . "People should definitely avoid agencies that say they will rebuild your credit," warns Jerrold Jerrold may refer to: People with the surname Jerrold:
adj. 1. Having success; flourishing: a prosperous new business. 2. Well-to-do; well-off: a prosperous family. 3. (Bantam Bantam Former city and sultanate, Java. It was located at the western end of Java between the Java Sea and the Indian Ocean. In the early 16th century it became a powerful Muslim sultanate, which extended its control over parts of Sumatra and Borneo. ; $10.95). "Ninety-five percent of these agencies are scares--they can't or won't won't Contraction of will not. won't will not won't will do it." The good and bad news is that rebuilding your credit is largely up to you. A secured credit card may be the way to go. Getting a secured credit card is as simple as making a cash deposit that becomes your credit line. Some banks allow you to add to the deposit while others will reward you for making timely payments by adding to your credit line. Remember, you are trying to rebuild new credit, not take on more debt--so beware of temptation Temptation Terror (See HORROR.) apple as fruit of the tree of knowledge in Eden, has come to epitomize temptation. [O.T.: Genesis 3:1–7; Br. Lit. . "Only use the card for purchases you can afford to pay in full," says financial adviser Pierre Pierre (pēr), city (1990 pop. 12,906), state capital (since 1889) and seat of Hughes co., central S.Dak., on the east bank of the Missouri River, opposite Fort Pierre; inc. 1883. Dunagan of the Dunagan Group in Chicago. "This will help you establish credit without incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. debt." Don't miss a single payment. "These days, credit records are so sensitive that a single late payment could cause you to be denied future credit or charged a 5% fee," warns Mundis. After a year of on-time payments, ask your secured credit card issuer to convert your card into a nonsecured card and ask for your deposit back. Before you check out our handy sidebar (1) A Windows Vista desktop panel that holds mini applications (gadgets) such as a calendar, calculator, stock ticker and Vonage phone dialer. It is the Windows counterpart to the Dashboard in the Mac. See Windows Vista and gadget. to see which secured card meets your needs, here are a few things to be aware of when applying for a card: * Watch out for the annual fees. They carry higher interest rates and there isn't a grace period on advances, which means interest on your purchases accrues immediately. * Look for a card that doesn't charge an application fee or any other processing fees to open your account because they may be applied against your line of credit. * Don't apply for a card that doesn't report your timely payments to the three major credit card bureaus. Remember, you're trying to build a credit trail.
TOP 10 SECURED CREDIT CARDS
LOWEST FEES AND MINIMAL BALANCES
Phone Card Purchase Annual
Institution Class APR Fee
Amalgamated Bank 800-723-0303 Gold 9.25% $50
of Chicago
Amalgamated Bank 800-723-0303 Standard 12.75% $50
of Chicago
Merrick Bank 801-545-6600 Classic 14.70% $36
U.S. Bank/ Korean 866-759-7277 Classic 14.74% $50
Air SKYPASS
U.S. Bank 800-285-8585 Classic 15.24% $35
Evans NationalBank 716-549-1000 Classic 15.60% $20
Washington Mutual 800-382-3334 Classic 16.05% $35
Bank
American Pacific 800-610-1201 Classic 17.40% $35
Bank
Wells Fargo Bank 800-642-4720 Classic 17.99% $18
Union Plus/ 800-651-5108 Classic 18.00% $20
Household Bank
Institution Fees & Conditions
Amalgamated Bank No application fee. $5,000-$15,000
of Chicago deposit; line of credit same as deposit.
Amalgamated Bank No application fee. $500-$4,5OO
of Chicago deposit; line of credit same as deposit.
Merrick Bank No application fee. $300-$3,000 deposit;
line of credit same as deposit.
U.S. Bank/ Korean $300-$3,000 deposit; line of credit
Air SKYPASS same as deposit.
U.S. Bank $300-$5,000 deposit; line of credit same
as deposit. Only available in certain states.
Evans NationalBank Available in western N.Y.
Washington Mutual No application fee. $300-$5,000
Bank deposit; line of credit same as deposit.
American Pacific $300-$15,000 deposit; line of credit
Bank same as deposit. Not offered in WI.
Wells Fargo Bank No application fee. $300-$5,000 deposit
Union Plus/ $250-$5,000 deposit line of credit
Household Bank same as deposit. Must be a union member.
SOURCE: BANKRATE.COM
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