Prescribing the Symptom: Credit Card Application As a Method of Credit Repair (cont.)
Contributed by Alix Mcmurray
Read the Proverbial Fine Print in Your Credit Card Application
While many of the requirements of a credit repair credit card application will not take you by surprise,it requires the reading of some fine print to be prepared for the array of issuance fees charged by some cards. Some even charge you a fee when you are entitled to raise your credit limit! And watch that already high APR, because if your payment is overdue for two consecutive billing cycles or twice during six months, the APR can go up to 24 percent! (It will go back down to normal if your payments are on time for three consecutive months thereafter.)
Prepaid Credit Card Application: Staying in Control
For those who really want to keep an eye on themselves and not repeat the mistakes of the past, there are the prepaid credit and debit cards. These really keep you honest, in that your credit limit can not exceed the amount of funds you have already deposited in your attached bank account. In this way, all these cards are secured by the cash in your account.
On the negative side, there again is that significant amount in issuance and one-time start-up fees, which are deducted from your available balance until you make a replacement deposit. On the positive side, some offer travel rewards just as "straight" credit cards do. Others even enter you in a sweepstakes drawing each time you make a purchase during a specified eligibility period. And some send you emails to remind you to pay your monthly bill.
So if you suffer from bad credit, you may want to take the cure, and regrow your crowning glory -- your credit!
