Tag Archives: Secured

6 Credit Misconceptions: Secured vs. Unsecured Credit

Misconceptions about credit can lead to errors inside economic method. We debunk six typical misconceptions about secured and unsecured kinds of credit in order to better comprehend your credit and debts. Armed with suitable information, you can make smarter choices about the types of credit you use and how you manage the debt. In the event that you run into difficulty, we’re here to assist! Call Consolidated Credit these days at 800-995-0737 to consult with a certified credit therapist free of charge.
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New Millennium Bank Secured Credit Card Review

The New Millennium Bank secured credit card is a recently introduced credit card targeted at those who want to improve their credit rating, or establish a decent credit rating from scratch. This article looks at the card in more detail, and summarises whether or not it is a recommended credit option for this target area of the market.

New Millennium Bank is a community bank that is located in Somerset and New Brunswick. The company were founded in 1999, and has grown rapidly over the years by offering a range of banking services and credit products. The secured credit card is one of its more recent ventures.

The New Millennium Bank secured credit card works in much the same way as a ‘normal’ unsecured credit card, except for the fact that there is no line of credit being provided. Instead, the cardholder has their credit limit secured by an amount of their own savings. This amount can range from $ 300 to $ 5,000, and depends upon the amount of the security deposit.

Applications for this card are usually made through the New Millennium Bank website, and as the card is secured by the customers own money, no credit check is carried out during application. The main approval requirement is that the consumer meets the terms and conditions of the US Patriot Act, and proves that they are a valid US citizen.

The applicant can state whether they would prefer their card to carry the MasterCard or Visa logo. Whichever one they select, the card can be used at millions of locations worldwide to pay for all types of products and services, as well as for withdrawing cash at around 750,000 ATM’s both at home and abroad.

Like a standard credit card, owners of the New Millennium Bank secured card will receive a monthly statement that lists their spending and requires them to make a payment on or before a set due date. As long as this payment is made the card can be continued to be used in the normal manner.

The main difference with a secured credit card is that if the account holder regularly misses these monthly payments and ends up defaulting on the card, they will have money taken out of their deposit to cover the amounts. For this reason, secured credit cards are by far the best credit card for those that do not want to risk accumulating debt that they cannot afford to pay back.

The New Millennium Bank secured credit card is also recommended for those that want to build (or re-build) their credit score, as it offers regularly reporting to all three of the national credit bureaus in the country. This means that through good credit behaviour it is possible to increase your credit rating, and in time become eligible for better value financial products.

Overall, this card can is a god option for those looking for an alternative to an unsecured credit card, but it is vital that anyone who is interested in applying reads the terms and conditions. As with most credit cards, the New Millennium Bank secured credit card makes a number of fees and charges for various services, and you should be aware of these before applying for the product.

How to use Secured Credit Cards to get a higher credit score

We show you how to use secured credit cards to improve your credit scores quickly.

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The Best Secured Credit Cards In 2017 Comparison – 850 Club Credit Consultation

Certified FICO Professional, Calvin O’Neal Russell Jr, goes over the best secured credit cards to start with in 2017 and explains some of the comparisons.

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Top Assistance With Secured Credit Cards To Reconstruct Credit

People allow us economic dilemmas in today’s financial times. If somebody has actually encounter these kinds of issues then they may want to get secured credit cards to rebuild credit. By doing this a person continues to start possibilities for them to make use of a card and rebuild their particular score to in which it ought to be.

With the economic crisis that much of the entire world has actually suffered through previous couple of years lots of people experienced their particular credit adversely affected. Missing some payments or having home repossessed or foreclosed is one thing which have taken place to numerous consumers. A few of these types of items will harm another person’s credit while making it difficult or impossible to get a card as new loan providers aren’t prepared to take an opportunity together.

By getting a secured card an individual would continue to have the economic freedom of getting a card to make use of but will additionally be working towards fixing their particular score. Having a card is important to be able to buy items using the internet or leasing an automobile whenever out of the house.

A secured card functions in the same way as a typical card. It’s not totally financed by a bank however. The patient that’s making use of the guaranteed card will deposit money as soon as the account is opened and that deposit will count as a percentage to the investing limitation regarding the card. The card percentage may range between 50percent to 100percent for the deposit, so a $ 400 deposit makes a limit inside number of $ 210 to $ 400 with respect to the principles of lender. The funds is employed as a security deposit just in case the person the card is released to will not make their minimum payments to their account.

One regarding the main issues with the ease of cards is the fact that there are costs to utilize the card. A secured card is not any distinctive from a frequent card because feeling. Whenever trying to get a secure card somebody should always look at the a number of charges being involved with the card. There will be applications charges, processing charges, and yearly charges a part of many cards. Its very important observe these fees simply because they will have a direct impact regarding spending restriction associated with card because the cash will soon be subtracted from preliminary deposit.

An person should verify that the standard bank they have been trying to do business with reports to the major rating bureaus. With the transactions on this card reported then someone’s rating will be significantly improved because of the accountable usage of this card. Because this card has been always rebuild their particular score it is important to constantly pay at least the minimum repayment early or on-time.

Someone may have the chance to get an unsecured card with similar lender if they consistently make their particular planned payments regarding the protected card. There is a chance that another lender may issue an unsecured card towards person if current lender cannot take action. Continuing to create on-time repayments for about six more months would-be very important to anyone who cannot get a hold of a financial institution to issue another card.

Someone that features economic problems may check out secured charge cards to reconstruct credit. Getting this card will help an individual while they rebuild their score while however having the freedom that a card provides.

Have the low-down from the most readily useful secured credit cards to rebuild credit now inside our comprehensive overview of all you need to understand a great-credit-rating”>good credit score .

The best ways to Make use of a Secured Charge card to Construct Credit rating

< object type="application/x-shockwave-flash" design =" size:425 px; elevation:355 px;" data ="// www.youtube.com/v/Hg9OfDGml4U?color2=FBE9EC&version=3&modestbranding=1" > Ways to Utilize a Safe Charge card to Construct Credit report 00:00:44 Part 1 Obtaining a Safe Charge card 00:00:51 1- Look for lenders that
offer protected charge card 00:01:38 2- Pick the best card for you 00:03:01 3 – Obtain a secured charge card 00:03:25 4- Submit your down payment 00:04:36 Part 2 Utilizing Your Card Properly 00:04:43 1 – Make tiny acquisitions 00:05:23 2 – Pay your charge card equilibrium off on a monthly basis 00:06:01 3 – Increase your credit line 00:06:51 4 – Change to an unsafe card when you could 00:07:31 Tips 00:07:50 Warnings Web content taken from WikiHow http://www.wikihow.com/Use-a-Secured-Credit-Card-to-Build-Credit Video clip Rating:/ 5

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No Annual Fee Secured Credit Card- Mystery Revealed

Among all introductory credit card offers, no annual fee secured credit card is probably perfect for everyone shopping for it. As a prospective card buyer, you may be a first time user or may be changing over from another card- you should always try and pick up a card with a special kind of offer suited just for you.

As an astute customer, you can get a good deal only if you are up to date with the latest offers being made by issuing companies. Credit with annual fees waived off are not mysterious, out of the world, rocket science stuff. Though this concept is laden with heavy financial jargon, no annual fee credit card offer is quite easy to understand, appreciate and of course, use for local super market or at any imaginable business transaction.

Atypical to any other cards, such simplistic cards offer you a world of convenient ways of transacting, either through the Internet, or in your local county. Let us first understand what a secured card is, as a complete understanding of the concept of secured credit card is imperative to demystify various jargon. Such annual card is more like a prepaid card, that is, you get to spend only what you have deposited.

This is a win-win situation for both the issuer as well as the consumer. A no annual fee secured credit card, just like a normal card, resembles a prepaid history in its functioning.

Secured cards are issued against a savings account and the issuing company has the ability to stake claim to such funds in the savings account if the card holder defaults in paying his monthly bill. This arrangement makes a virtual risk free, to any issuing company and is opted by consumers who have not so acceptable credit bill payment records, unstable employment record or are not financially stable.

The consumer by virtue of being the credit holder can avail all the conveniences offered by such card benefits in all business transactions. As mentioned earlier- secured cards are preferred by consumers who have little chances of being offered not secured cards. A line of credit helps customers build up a good credit repayment history and avail other better line of credit services.

An issuing company levies various kinds of charges on the credit card user like Annual fees, Transaction fees, Interest charges etc. As the name suggest annual fees are paid once in a year and does not depend on how many transactions you do through the credit card.

It is a fixed charge and is generally paid during the application for the card or at the end of the financial year. If at all you need to opt for a secured card, you should be opting for such with a good introductory card credit offer. While there are various kinds of introductory offers with secured credit cards, a no annual fee secured credit card is probably the most favored one.

A No Annual Fee Secured Credit Card is one of the business components Joe Maldonado serves as potential guide, e-commerce mentor and certified author. His focus as a top leading authority in credit is addressing consumer safety and assisting visitors request Secured Credit Cards online

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Secured Credit Card – The Inside Scoop

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Don’t Forget About Share Secured Lending!

It’s no secret that lending growth drives the credit union industry. With that in mind, it is important to zoom out and look at the bigger lending picture from time to time. When you do, you will discover that some forms of lending are not promoted as regularly as others. As a result, your members could be missing out on lending opportunities. Let’s take a closer look at one form that often gets overlooked. Your credit union should focus on share secured lending for two main reasons.

Two Member Benefits for Share Secured Lending

1. Share secured lending helps members. That’s right, this is a great way to help members who may not be able to qualify for traditional forms of lending. It’s a nice way to give them a fresh start. Your credit union is able to secure the loan with the members’ savings accounts. It’s a surety of payment for your credit union. Yet, the member sees the loan as an encouraging step of good faith. Share secured lending promotes trust and loyalty between the credit union and the member.

2. It is a great stepping stone. Usually, once a member pays off their share secured loan, they qualify for unsecured loan products. These may be the same types of financial products they just paid off, only this time they are able to get a better rate or better terms due to their improved credit history. This is a great confidence boost for members. A boost that would most likely not happen without offering a share secured loan.

Offer Share Secured Lending

Share secured lending can be either offered in installment loans or lines of credit, which are ideal for those members who are perhaps unable to obtain unsecured credit. After a share secured loan is paid off successfully, the next step can very often be to apply for those same products your credit union offer, but unsecured :-).

Of course, all of this translates back to more lending growth for your credit union. That growth is good for other things too, like member retention and new membership. Loyal members who formerly held share secured loans will love spreading the word, trumpeting to friends and family about how their credit union is the best place to get a clean financial start.

Our consumer lending package will help you deliver those loans with ease. Oak Tree has everything your credit union will need to offer your members a superior lending experience. As always, all of our forms are up to date with all state and federal regulations. As well, all of our forms will easily integrate with your data processor. If you haven’t taken a hard look at share secured lending before, after the holiday season is the perfect time to do so. Chat with us for consumer lending or home equity lending packages at www.OakTreeBiz.com.

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