Total Visa Card
The Total Visa was designed for individuals with a low credit score. It is an unsecured card.
It will report to the major credit bureaus. You can start to build a positive payment history by making on time monthly payments.
This is a large part of your score. Additionally another big piece is your utilization ratio.
This compares the amount of debt you have versus unused credit. It is how the bureaus determine if you can afford a new credit line.
It is estimated that these two factors alone determine 80% of your score. It can help if you can show available credit.
However it is still a priority to remove any negative marks from your report. This will help to show a positive payment history.
Your card will have an initial $250 limit and a 19.92% APR. It is issued by Plains Commerce Bank and has an annual fee of $48.
There is a 19.92% APR for a cash advance, should you have a financial emergency. Also you will be eligible for a limit increase four times a year.
Recently good credit cards have been raising their interest rates even with customers that are paying on time. These rates have been jumping as high as 28%, without cause.
Law makers have responded however these new laws do not go into effect until 2010. We have also seen the lending institutions tighten their requirements for approval.
Your card will have fraud protection and free online account access. Your card is accepted everywhere Visa is.
With responsible use a new credit line can help a damaged score. However with irresponsible use it can damage your score even more.
You should really look at your current expenses and income and decide if you really should take on a new line of credit.
It will report to the major credit bureaus. You can start to build a positive payment history by making on time monthly payments.
This is a large part of your score. Additionally another big piece is your utilization ratio.
This compares the amount of debt you have versus unused credit. It is how the bureaus determine if you can afford a new credit line.
It is estimated that these two factors alone determine 80% of your score. It can help if you can show available credit.
However it is still a priority to remove any negative marks from your report. This will help to show a positive payment history.
Your card will have an initial $250 limit and a 19.92% APR. It is issued by Plains Commerce Bank and has an annual fee of $48.
There is a 19.92% APR for a cash advance, should you have a financial emergency. Also you will be eligible for a limit increase four times a year.
Recently good credit cards have been raising their interest rates even with customers that are paying on time. These rates have been jumping as high as 28%, without cause.
Law makers have responded however these new laws do not go into effect until 2010. We have also seen the lending institutions tighten their requirements for approval.
Your card will have fraud protection and free online account access. Your card is accepted everywhere Visa is.
With responsible use a new credit line can help a damaged score. However with irresponsible use it can damage your score even more.
You should really look at your current expenses and income and decide if you really should take on a new line of credit.
About the Author:
For more about the Total Visa or for a free credit repair consultation visit us or call 1-800-253-3735, or for more about Online Credit Cards.
posted by Credit Counseling at
11:50 AM
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