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How long should I hold a secured bank credit card before I try to get an unsecured one?
Wiki User
∙ 14y ago
Your ability to obtain an unsecured credit card will depend on your credit score. As your credit score rises you will become eligible. Try checking it after a year of making on time payments on your unsecured card.
Wiki User
∙ 14y ago
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How can you get a credit card that is not secured when you have no credit?
There are banks that give people with no credit a chance. But you should keep in mind that the interest rates of unsecured credit cards for bad credit are usually very high. So you should pay your bills on time.
Where can I obtain information on loans, both unsecured and secured and get credit score advice?
Secured loans are by far a lot better than unsecured loans, but if you must choose that route then that's your choice. The site I have provided below should give you more information on unsecured loans. http://www.eloan.com/s/show/personalloans?user=bu=mortgage
Understanding How Secured Credit Cards Work?
Secured credit cards work essentially the same way that unsecured credit cards work, as far as using them to pay for items. The difference is in the way your account works, which is vastly different from the way a regular credit card account works. Secured credit cards are intended for individuals who do not qualify for unsecured credit cards. Either they have no credit built up or their credit has been damaged. These cards are secured because the card holder is required to put up a cash deposit in order to qualify for the card. The credit amount is usually equal to the deposit, which is usually somewhere between $300 and $500. One of the advantages to using secured credit cards is that by paying your credit card bills on time, this practice can lead to obtaining an unsecured credit card. In fact, this is one of the questions consumers should ask the issuer before accepting this type of credit card. Not all issuers will convert the account to an unsecured one; however, many of them will after a period of time, usually about a year. In this way, secured credit cards can help you to rebuild your credit. Another thing to ask the issuer about secured credit cards is whether they report to all three credit bureaus. Since most people who obtain these types of credit cards are interested in rebuilding their credit, it is to their advantage that the issuer report the account to all of the credit bureaus. If they do not, you may want to look for another offer. As with other types of credit cards, there are good and bad secured credit cards. Some of them demand exorbitant fees, so that by the time you are issued the card, much of your deposit has been eaten up by fees. This is not the case with all of them, so be sure and read the fine print so that you will understand just how your deposit will be used and how much in fees you will have to pay. While all secured cards have an annual fee, not all of them have an application fee. For those who have damaged credit, this can be a relatively painless way to repair your credit. Not only can this type of card lead to a regular credit card, but it can improve your overall credit score as well.
What information does one need before applying for a secured credit card?
There are some important bits of information that one should have before applying for a secured credit card. It is important to know how much money is required to be deposited, what the APR is going to be and how soon it will change.
Where could someone with an adverse credit rating find unsecured loans?
One can still get unsecured loans with bad credit. However, the lenders will lay down some conditions, and one will be charged very high interest rates. Poor Credit Finance, Uswitch, and other websites can help one with getting unsecured loans with bad credit. One should also visit local banks to ask about getting an unsecured loan.
Who is liable to pay my monthers line of credit if there is not enough money in her estate.?
If there is an unsecured line of credit and there are no assets then the creditor is out of luck. If the line of credit is secured by a mortgage on mother's real estate the lender can foreclose and sell the property. You must probate the estate if there is real estate. In that case, if the debts are greater than the assets then you should seek the advice of an attorney before paying any debts. There is a statutory priority of payment that must be followed by the administrator.
How good of a credit do I need so that I can get unsecured credit cards?
You should be able to secure a credit card if you have fair to good credit. That would be a number above 600 to 650.
On Choosing An Unsecured Credit Card?
The unsecured credit card is the default when people think of credit cards; it is the credit card that allows the user to purchase goods and services based on only the promise of said user to repay the cost of said goods and services. The unsecured credit card, once generally considered a necessary tool of adult life in developed nations, has recently come under scrutiny in light of the recent recession and economic market meltdown. Many of the major credit card companies which issued unsecured credit cards were brought to task by governmental agencies for charging their users exorbitant fees, and undertaking various methods to hide their true cost from consumers. Some of the changes made involved putting limitations on the ways that credit card companies advertised their unsecured credit cards, the fees that such a card could charge, and new limits on who could receive and use an unsecured line of credit. Even in the wake of these recent reforms, credit card companies continue business as usual, from sending out unsolicited cards in the mail to forcing some credit card holders into bankruptcy to pay back overdue debts. The government is urging those who are considering a line of credit from an unsecured credit card to consider the following points: 1. An unsecured credit card is not needed in order to build credit. Credit may be built from secured credit cards, the prepaid credit card, paying rent, and even from holding down a job for a number of years. 2. A secured credit card offers the same spending power as an unsecured credit card with the limitation that the borrower can not go past a certain limit nor will his assets be responsible for covering a debt past the assets that are being used to cover the monies spent. It is considered a much safer way to borrow money, especially for those just beginning to use credit. 3. When deciding to use an unsecured credit card, make sure to check your credit reports monthly and monitor them for any activity which is not yours. 4. Safe limits for spending on an unsecured credit card are generally accepted as 30% of the total credit issued. Users of unsecured credit cards are also advised not to spend more money than is possible to repay within a given cycle, and to pay back all unsecured credit funds in full at the end of each cycle (usually monthly). 5. An unsecured credit card should never be given to a minor, especially from an unsolicited promotion. If you wish to be removed from solicitation lists, simply call the credit card company which issued the unsolicited material. They are under legislative order to cease and desist unsolicited communication upon the first complaint.
When to Use an Unsecured Loan?
To the consumer, an unsecured loan can be a great way to pay for relatively small items needed immediately. Whether it be a car repair, a vacation, or even a credit card, this type of credit is advantageous in that no collateral is necessary. The borrower's word is relied upon by the lender. Of course, the caveat is that interest rates tend to be higher and terms tend to be stricter than those in secured loans. Thus, unsecured loans should be used for manageable sums. For the average consumer, it's a wise policy to reserve unsecured debt for important items that one can afford, but might not have the immediate cash for.
Can you file a lien for a private unsecured debit even if the party is paying on the debit?
If the debt is for a mortgage that's secured by real property the signed mortgage should be recorded in the land records. Otherwise, if the debt is unsecured and not in default then you are not entitled to a lien. There must be a default before you can sue in court and obtain a judgment lien.
How are you notified if an unsecured debt should be paid?
All debts should be paid, regardless of being secured or unsecured. However, if you are involved in a bankruptcy then the trustee will provide both the debtor and their creditor with the list of what, if anything, is being paid, adjustment, and/or monthly payment to expect.
How would I get an unsecured loan?
Well, if you are in need of money, and your credit score is low, you aren't going to get an unsecured loan. You should try to get a bad credit loan, if you need it but the interest rates will be high. Just ask your local bank what you qualify for.
