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    You Got Your Credit Card! Here’s What You Should Know

    September 8, 2017 By CHamler

    Credit card

    Your new credit card just arrived! Congratulations, you are now part of the 72 percent of consumers to has had at least one credit card. By now you should know the basics. But if you still have some apprehensions and you feel like you lack the knowledge on how it works, we can help you.

    With a credit card, you can purchase almost everything we want. Imagine the many possibilities!

    A credit card is an excellent tool to extend their purchasing power. It is a great way to buy goods and services. Moreover, with a credit card, you can build your credit.

    What’s the Perfect Credit Card?

    No one credit card is perfect for everyone. It will be up to you, your spending habits and your lifestyle.

    Basically, there two main credit card categories. You have the secured credit card and the unsecured credit card.

    Secured Credit Card

    With the secured type, the cardholder will be asked to put a cash deposit.  This gives lenders more security by acting as a cushion ensuring the payment of credit balances.

    Unsecured Credit Card

    Unlike secured credit cards, there is no cash deposit to act as a collateral. The lender will have to rely on the cardholder and trust that he/she will make consistent payments toward the monthly payables.

    For people whose credit is not as stellar, it might not be easy to get a prime card. These individuals’ credit ratings may inhibit them take mainstream credit cards. A nonprime credit card is an easier option for them to enjoy the same kind convenience which they could not get with a conventional credit card.

    In the same way as a prime credit card, a nonprime one will help repair a person’s credit. It is a matter of choosing the right one.

    Get Matched with a Lender, Click Here.

    Always Read the Fine Prints

    Owning a credit card is a big financial move. Make sure that before you apply for one, you understand the details of the card you choose.

    Make sure you have a good grasp on its terms and conditions.

    The great thing about credit cards now is that you no longer have to squinch your eyes going through all the fine prints. The federal law mandates that credit card providers detail interest rate and fees clearly.

    This will help credit card owners understand the terms more. The agreement document must reflect clearly how the interest rate is charged. In addition, you have to know what other fees you will apply.

    Connect with a Lender, Click Here.

    A nonprime credit card will help you repair your credit

    It is possible as long as the cardholder uses it responsibly. Referred to as “second chance” credit, it can help improve your credit score as long as you keep your spending and payments well managed.

    When you have better credit standing, you will be able to have better offers in financing, such as for housing. A better credit score and an improved credit history will show lenders that you are responsible enough in handling your debts.

    Take a credit card as both an asset and a liability. You have to understand that you need self-control to keep your spending on track, especially that credit cards allow you to purchase just about anything you want.

    If you are looking for a nonprime credit card, speak to a provider first. Gather first-hand information about it before getting one.

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    Filed Under: Credit Repair Tagged With: nonprime credit card, Perfect Credit Card, Secured Credit Card, Unsecured Credit Card

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    IMPORTANT MORTGAGE DISCLOSURES:

    When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

    Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

    When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

    Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

    Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

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