When getting a secured credit card can help
Secured credit cards:
We recommend getting a few of these types of cards when a client has either not enough good and open credit, or no current accounts in good standing;
The benefits:
*You can build a new clean credit history and reestablish good credit which will help raise credit scores
*You use it just like a regular credit card, but the risk is low because the money you borrow on the card is your own deposited money and you choose your own limit
Take note:
*you must still treat these accounts like any other credit account and always pay on time in order to rebuild and reestablish good credit
*always pay off the balance each month and don’t let the balance go over 50% of the limit
*the interest rates are generally higher because the credit company offers a fresh start while you rebuild a trust relationship in keeping good credit
*it may take around 90 days to six months for the new secured cards to take effect in raising your credit scores
You can ask your bank if they offer this type of card, go to elanfinancialservices.com to apply for a secured credit card, or some other options are Orchard Bank, and First Premier. We don’t endorse any one company but want you to have options.
If you would like to discuss whether getting a secured credit card is a good option for you, please give us a call.
Ph: (877) 825-7885
Email: Jennifer at Jennifer@StrategicCreditCoach.com
Or Mickey at Guru@sccHelp.com
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Mission: We educate and coach people looking to improve their credit score and overall financial health so they are able to learn financial disciplines and achieve a more secure future.
Vision: To raise the standard of living for all people and inspire them to live their passions and dreams and have piece of mind.
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