Many of us have made mistakes with our finances. The New Millennium Bank secured credit card gives you a method to start fixing your credit history.
Do you know what a secured card is?
Many people don't. First you must open a new savings account with the bank. Then the amount of your deposit is equal to the limit on your new card. In contrast, with unsecured you are not required to carry a balance to be held at the bank.
No credit check is performed. This will prove to be great news for those who otherwise not qualify because of blemishes on your reports.
Because the bank is protected from loss, anybody who applies is guaranteed to be approved providing the minimum amount of money is deposited. They require that you have a savings account at the bank with a minimum of $300 and the maximum available balance of $5,000.
Because all activity is reported to all three credit bureaus, those with damaged score have an easy way to create some new positive marks.
Often times you have pay higher interest rates and fees in order to have access to credit. This charges a $59 annual fee. Additionally, there is a $69 processing fee and a $12.95 charge for each co applicant.
There is also a $0.50 cent monthly minimum finance charge which means along with the annual fee, a finance charge is paid every month regardless of the balance. The interest rate is 19.5%.
If you have charges that surpass your limit, a $20 fee is accessed. In addition, if the bank receives a late payment, a late fee of $20 is also accessed.
Unfortunately with sub prime lending there are fees and high interest. Some say that is the cost of the past financial mistakes.
This will give you an opportunity to create some positive listings on your report. This has been shown to be an effective way to repair a low score.
In addition if you keep your monthly balance at 25% of your limit of lower your utilization ratio will improve. This ratio compares the amount of debt you have versus the amount of available credit. It is a very important number and is used to determine if someone is in over their head financially or not.
Do you know what a secured card is?
Many people don't. First you must open a new savings account with the bank. Then the amount of your deposit is equal to the limit on your new card. In contrast, with unsecured you are not required to carry a balance to be held at the bank.
No credit check is performed. This will prove to be great news for those who otherwise not qualify because of blemishes on your reports.
Because the bank is protected from loss, anybody who applies is guaranteed to be approved providing the minimum amount of money is deposited. They require that you have a savings account at the bank with a minimum of $300 and the maximum available balance of $5,000.
Because all activity is reported to all three credit bureaus, those with damaged score have an easy way to create some new positive marks.
Often times you have pay higher interest rates and fees in order to have access to credit. This charges a $59 annual fee. Additionally, there is a $69 processing fee and a $12.95 charge for each co applicant.
There is also a $0.50 cent monthly minimum finance charge which means along with the annual fee, a finance charge is paid every month regardless of the balance. The interest rate is 19.5%.
If you have charges that surpass your limit, a $20 fee is accessed. In addition, if the bank receives a late payment, a late fee of $20 is also accessed.
Unfortunately with sub prime lending there are fees and high interest. Some say that is the cost of the past financial mistakes.
This will give you an opportunity to create some positive listings on your report. This has been shown to be an effective way to repair a low score.
In addition if you keep your monthly balance at 25% of your limit of lower your utilization ratio will improve. This ratio compares the amount of debt you have versus the amount of available credit. It is a very important number and is used to determine if someone is in over their head financially or not.
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