If you are still hesitant to apply for secured credit card, here are the success stories of fixing bad credit using the Capital One secured credit card. Taking 6 months to 1.5 year, they have been able to improve their credit score significantly.
Lanora told that she had three credit cards with bad credit, 494-522. Based on the advice of financial consultants, she registered the secured credit card in the Capital One. Once the new card is approved and activated, she used it for minor expenditures such as buying gas or eating out.
She always restrict spending in accordance with the rules and pay the bills priormaturity. It’s done over and over every month. She knew that the deed was trivial, but the process of fixing bad credit works well. Results is each month the credit score up to 25-50 points. Every 30 days, credit activity reported to the three credit reporting bureaus.
After 1.5 year, her credit score increased to 715-824. The important is that we have to always pay bills on time and make simple shopping.
Fixing Bad Credit Need Only 6 Months
Another story told by Lawren. She and her husband applied for the secured credit card in the Capital One. Previously she has terrible credit due to some mistakes when she was 18-25 years. Now she was determined not to repeat that mistake.
She had convinced their application will be rejected because of poor credit. Apparently, their request is approved. She was very pleased and then add one more cards. She promised to always pay bills on time. Besides spending does not exceed 30% of credit limit.
She deposit only $ 49 to $ 200 of credit limit. But if you always do everything right, the credit limit can be increased without increasing the deposit.
Lawren had planned 1-2 years will apply for a loan to buy a house. She and her husband worked hard to improve credit score.
Meanwhile, Marion stated that she only needs 6 months for fixing bad credit. She applied for a Capital One Secured Card at last December 2010. June 2011 she was approved for an unsecured credit card or regular credit card with a credit limit equal to the secured credit card. It depends on the boundary limit that you use for this.
Specially for Fixing Bad Credit
The Capital One Secured Card is provided specifically for those with bad credit. It is one of the largest credit card issuers in the U.S. The application does not require the credit report. Regardless of your credit score, the application will be approved.
The deposit is needed as collateral when you do not pay the monthly bills on time. So, the deposit is as a guarantee of bad things. Your deposit is your savings because you earn interest of it. Deposits can you take when you close the account.
Your credit limit at the beginning was small according to the amount of your deposit. But if you use credit cards appropriately and responsibly, the credit limit will be increased without adding your deposit.
The use of the secured credit card is the same as a regular credit card. It can be used for any transaction. The important is you pay bills on time and always keep your balance low.
You can add another success story about the fixing bad credit using the secured credit card. Do you still have bad credit or don’t have a credit card, don’t hesitate to apply for the secured credit card. The process is very easy and the card worked fine.You will get success in fixing bad credit.
