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Friday, February 27, 2009

Consolidate Your Credit Cards

By Amanda Somrekli

By the end of two years, you'll probably be able to apply for a regular card once again because of your great score. Learning from your mistakes is crucial here because if you fail again, you'll be back in the same boat.

As long as it has the major logo from Visa and MasterCard, you'll be fine. If it doesn't, again, look for another card. There are a ton of cards out there. Check with your local bank, online and other places. As long as you do your research, you'll have no problem finding the perfect secured credit card.

If you're one of the millions looking to rebuild your credit out there, you may want to resort to a secured credit card. If you're already familiar with the cards, that's great! If you're not, I'll give you a quick cliff note version.

A secured card is just like a regular credit card but you're going to have to place a deposit on the account before you can use it. Whatever you put on the card is what your credit limit will be. For example, if you place $500 on the card, you can only spend $500.

Although most card companies would otherwise decline to issue a card to those with bad history, there are certain conditions that they might still accept your application. The truth of the fact is that there are different types of credit cards that are specifically issued to those with bad credit scores. One such card is the secured credit card.

When looking for that perfect card in the long haul, make sure that you find a card with next to no fees and always make sure that it reports to the major three bureaus. If you can do this, you'll find a great card for your wallet that will help build a better financial future for you and your family.

You might also consider applying for a debit card as another option to making a bad application since this kind of card does not have credit limits and you can spend as much as you want as long as there are sufficient funds in your banking account.

If for instance you apply for a loan when having a packed credit card you might lose some good 100 points from your credit score. You will need to run an effective credit repair, bringing your balance in a level smaller than the 30% of the limit of your card so as to optimize your overall score.

These are excellent indicators to guarantee your security and peace of mind when shopping online.Visa or Mastercard? There is not much to choose between either Visa or Mastercard; both are first class credit cards providing total security when shopping online.

All Visa asks you to do is enter your password, which you have selected when you sign up, then wait for confirmation of your identity and that's it, as simple as that!

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