Applied Bank Credit Card - Review
The Applied Bank credit card is a secured card. That means that you must open an account with Applied Bank and make a deposit into that account before you can receive your card.
It will have a limit equal to your deposit, minimum deposit is $200 maximum $5,000. The deposit secures your account in case of default.
Your card will have a fixed APR of 9.99%, and you still will be responsible for making regular monthly payments. In addition, your card will be reported to the credit bureaus.
Because your account is secured by the deposit, no one will be turned down and there is no credit check required. The annual fee for the card is $50.
This card is issued as a visa and is accepted everywhere the visa logo is displayed. By making on time monthly payments you will be able to create a trail of positive payments.
If you are concerned with repairing a damaged credit score this can help. However we suggest you also remove negative information from your credit report.
Dont think that you just have to live with a poor credit rating; you may contact the credit bureaus to dispute the negative items and have them erased.
Contacting the credit bureaus to dispute derogatory entries is the most effective way to improve a low credit score. Many people believe that negative items must stay on your credit for seven long years.
This is not true! The Fair Credit Reporting Act states that seven years is the maximum amount of time that an item can remain on your credit report. It makes no mention of a minimum amount of time.
Many debt collectors have been sued and forced to pay fines for violating this law by manipulating the system and leaving a negative mark on an individuals credit report for more than seven years.
Additionally errors on your report are not uncommon. In fact it is estimated that 25% of the population has an inaccurate mark on their report.
While a credit card will help because you will have a positive reporting account and be building credit. It is vital to remove the negative items too.
A lot of people underestimate the importance of your credit score, but a poor score can impact your employment, financial wellbeing and self-respect. There are few words more humbling than Im sorry, but youre declined being spoken by a loan officer.
All is not lost, however. If you build positive reporting accounts and eliminate the damaging items, you can improve your credit score and live the lifestyle that you truly deserve.
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