credit card – Island Crisis http://islandcrisis.net/ Wed, 09 Mar 2022 20:07:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png credit card – Island Crisis http://islandcrisis.net/ 32 32 MoneyMutual Review: The Leading Payday Loan Company to Use? https://islandcrisis.net/moneymutual-review-the-leading-payday-loan-company-to-use/ Wed, 09 Mar 2022 20:07:36 +0000 https://islandcrisis.net/moneymutual-review-the-leading-payday-loan-company-to-use/ And if you had an emergency today – your car broke down, you ended up in the hospital, an unexpected house repair, anything could happen. Do you have an emergency fund to help cover unexpected expenses, or will you have to rely on family, friends or, even worse, a credit card? MoneyMutual is a free […]]]>

And if you had an emergency today – your car broke down, you ended up in the hospital, an unexpected house repair, anything could happen. Do you have an emergency fund to help cover unexpected expenses, or will you have to rely on family, friends or, even worse, a credit card? MoneyMutual is a free resource that connects lenders with borrowers who can grant short-term loans to people ranging from $200 to $5,000, often within 24 hours. Customers can access the company online and fill out a simple form that gives access to over 90 lenders. One can choose the lender based on who has the best offer.

However, most people wonder if MoneyMutual is a lender and how the process works. This review provides comprehensive information to help you learn how MoneyMutual works.

What is MoneyMutual?

MoneyMutual is an online resource whose website at MoneyMutual.com gives you access to several lenders available in your area. MoneyMutual was founded in 2010 and has a proven track record of providing customer-focused services to Americans who might need help covering an unexpected expense. They are a member of the Alliance of online lenders and provide useful information on their website to help consumers recognize websites that may be trying to take advantage of people or obtain their information to use for identity theft or fraud. Montel Williams served as the company’s spokesperson for nearly a decade.

How does the short-term loan company work?

MoneyMutual offers its customers easy access to lenders who offer short-term loans. It provides access to lenders who offer loans to people with bad credit and people who need access to money faster than traditional loans could provide. A recent survey found that nearly 60% of Americans cannot cover an unexpected $1,000 bill with savings.

People over 18 with a verifiable income of at least $800 per month and an official bank account can find a lender through MoneyMutual. Fill out the form on the website and check out the different lenders recommended by the company. The company partners with over 90 lending companies, ensuring customers choose when reviewing loans on offer.

Once you have chosen the best deal through MoneyMutual, you are directed to the lender’s website and provide more details for loan processing to begin. Here is a detailed breakdown of how the system works:

  • Provide personal information: MoneyMutual gives you access to an online form where you will submit your information
  • Review by lenders: Lenders review the information to determine the appropriate amount to offer.
  • Receive the money: Once the lenders approve the application, they deposit the money directly into your account within 24 hours.
  • The amount one can borrow through MoneyMutual ranges from $200 to $5,000.

Are there any fees associated with MoneyMutual?

Filling out the form on the website is free. You will not pay MoneyMutual at any time. You will repay your loan to the lender you sign up with. It is essential to review the terms and conditions before choosing a lender to understand how much it may cost to borrow.

How long will it take you to use MoneyMutual?

The online form is easy to fill out. This may take you a maximum of ten to fifteen minutes if this is your first time using the site. Frequent customers may take less time since the site has the information. Once you complete the online form, the lender reviews it and makes you an offer – if you accept, the money can be available within 24 hours.

How do Money Mutual lenders work?

MoneyMutual offers its clients access to more than 90 lenders. Each lender reviews the personal information provided and goes through the financial history before approval. You choose the best lender based on your needs.

Lenders review information using the following process:

  • Once you submit the information, the lending company reviews all the details provided
  • Lenders follow the requirements before making a final decision
  • If the lenders approve the application, you will be directed to the lender’s official website to accept the terms and conditions of the loan.
  • In some cases, the customer service team may contact you to confirm details, such as your bank account, before finalizing the process.

The process is simple and only takes a maximum of 24 hours once approved. All payday lenders at MoneyMutual are open with all required fees and charges. They also charge the recommended interest rates required by law. It is essential to check all charges to avoid any inconvenience.

What is MoneyMutual’s interest in the whole process?

MoneyMutual is a resource for your loan application process. They give you access to different payday lenders in your area where you can borrow money quickly. All clients are requested to read the terms and conditions carefully before entering into any contract with the lenders.

You do not pay any fees for the loan application MoneyMutual, you enter into a contract with the lending company, and they each have their terms and conditions. MoneyMutual collects fees from the lender, not the borrower, so it has no financial interest in your loan until you register with the provider of your choice.

What do most customers say about MoneyMutual?

The lending industry, particularly the area of ​​payday loans, has a shady reputation. However, MoneyMutual is one of the oldest companies that connects customers with the most trusted loan companies. They have served over two million customers over the past ten years.

Most customers agree that MoneyMutual operates as it advertises itself. It gives them access to several payday loan companies, thus creating a link between the lending company and the customers.

Most customer reviews indicate that the loan companies on MoneyMutual have a transparent lending system with favorable interest rates. Many users also decided to try MoneyMutual after seeing the advertisements on TV.

Some of the negative MoneyMutual reviews come from customers who did not read the terms and conditions of the lending company before accepting the offer.

What are the requirements for applying for a loan via Money Mutual?

The following conditions must be met before applying for a short term loan through MoneyMutual.

  • Be at least 18 years old
  • Have a verifiable income of $800 per monthwhether it’s a job or other income
  • Have a bank account
  • Different lenders may require additional requirements such as a social security number.

Money Mutual contact details

MoneyMutual is an online company headquartered in Las Vegas, Nevada. The company does not offer loans but provides access to over 90 lending companies. Montel Williams was the longest serving spokesperson representing the company for eight years.

Their website has an excellent section for frequently asked questions and walks you through the process carefully, as well as things to look out for if you choose to use other resources to research a loan. For example, they explain some of the typical “red flags” when dealing with sites that want your personal information. However, if your question is not answered on their website, you can contact them in one of the following ways;

  • Mailing address: MoneyMutual, LLC 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
  • Email: customerservice@moneymutual.com
  • Phone number: 844-276-2063

Final verdict on the MoneyMutual company

A recent study established that 40% of Americans cannot raise $400 in an emergency. MoneyMutual exists to help Americans access money in an emergency. The online company provides you with a list of loan companies in your area.

These companies offer short-term loans ranging from $200 to $5,000. The loan system is fast and it only takes 24 hours for the money to be paid into your bank account. Visit the official site and learn more about MoneyMutual.

RELATED:Best Bad Credit Loans (2022) Top High Risk Personal Loan Companies

Sources

  • https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/
  • https://www.federalreserve.gov/publications/files/2017-report-economic-well-being-us-households-201805.pdf

Affiliate Disclosure:

The links contained in this product review may result in a small commission if you choose to purchase the recommended product at no additional cost to you. This serves to support our research and writing team. Know that we only recommend high quality products.

Warning:

Please understand that any advice or guidance revealed herein does not even remotely replace sound medical or financial advice from a licensed health care provider or licensed financial advisor. Be sure to consult a professional doctor or financial advisor before making any purchasing decisions if you are using any medications or have any concerns from the review details shared above. Individual results may vary as statements regarding these products have not been evaluated by the Food and Drug Administration or Health Canada. The effectiveness of these products has not been confirmed by the FDA or Health Canada approved research. These products are not intended to diagnose, treat, cure or prevent any disease or to provide any get-rich-money scheme.

]]>
My credit score is 800. Should I raise it? https://islandcrisis.net/my-credit-score-is-800-should-i-raise-it/ Sat, 05 Mar 2022 11:00:30 +0000 https://islandcrisis.net/my-credit-score-is-800-should-i-raise-it/ Image source: Getty Images At some point, it’s normal to resign yourself to an excellent but not perfect credit score. Key points A perfect credit score of 850 is extremely difficult to achieve. You usually don’t have to worry about raising your credit score once it’s high enough. Your credit score is not just a […]]]>

Image source: Getty Images

At some point, it’s normal to resign yourself to an excellent but not perfect credit score.


Key points

  • A perfect credit score of 850 is extremely difficult to achieve.
  • You usually don’t have to worry about raising your credit score once it’s high enough.

Your credit score is not just a random number. It is calculated based on various factors that testify to the reliability of your borrower.

The higher your credit score, the less risk a lender takes when lending you money, and the less risk the credit card issuer takes when granting you a revolving line of credit. That’s why it’s important to establish and maintain a solid credit score.

The highest FICO credit score you can get is 850. If your score is 800 right now, there’s clearly room for growth. But that doesn’t mean you have to spin the wheels in order to increase your score or aim for 850.

When great credit is enough

A credit score of 800 is generally considered excellent. It’s an indication that you pay your bills on time, that you have a good mix of loans and credit cards, and that you don’t have too many balances on your various cards.

If you apply for a loan or credit card with a score of 800, you are extremely likely to be approved. You are also likely to get an affordable interest rate on a loan with such a high score. As such, if you have a credit score of 800, it’s certainly worth working to maintain. But do you need to boost it? Probably not.

Once your credit score reaches a certain level – usually the upper 700s – it doesn’t matter exactly what it is. Or, to put it another way, increasing a credit score from 800 to 810 or 815 might not change anything for you when it comes to borrowing money or getting a new credit card. If you’re applying for a 30-year mortgage, for example, and the best rate offered by lenders in your area is 3.9%, you’ll likely get that rate whether your score is 800, 810, 815, or perfect. 850.

In fact, he really doesn’t pay to chase after a perfect credit score, because that 850 is nearly impossible to achieve. Simply applying for a new credit card can drop your score by a few points. And if there’s a credit card offer you like – say, an offer with a generous sign-up bonus – then you shouldn’t walk away from that offer because you’re afraid it will ruin your chances of winning. get perfect credit.

Don’t stress unnecessarily

A credit score of 800 is extremely respectable and you should be happy with it. That said, it’s not a bad idea to check your credit report and see why your score sits at 800 instead of a higher number. You may simply not have accounts open long enough to increase your score, as the length of your credit history also plays a role in calculating your score.

Either way, while it’s certainly possible to boost a credit score from 800 to a higher number, it’s not something worth pointing out. As long as your credit score is around this level, you should be in a prime position to borrow affordably whenever you want.

The best credit card erases interest until 2023

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% in 2023! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read the full The Ascent review for free and apply in just 2 minutes.

]]>
Healing the Heartache of Bad Credit | Opinion https://islandcrisis.net/healing-the-heartache-of-bad-credit-opinion/ Mon, 28 Feb 2022 16:00:00 +0000 https://islandcrisis.net/healing-the-heartache-of-bad-credit-opinion/ All month I’ve been talking about financial love, and we all know that “love doesn’t come easy.” There is always a risk of heartache. The final piece of my financial love advice explains why building or rebuilding your credit profile is key to minimizing these risks. Having good credit affects many areas of your life. […]]]>

All month I’ve been talking about financial love, and we all know that “love doesn’t come easy.”

There is always a risk of heartache. The final piece of my financial love advice explains why building or rebuilding your credit profile is key to minimizing these risks.

Having good credit affects many areas of your life. Imagine you and your family finally saving enough money for a down payment on a house. You find the perfect home to be turned down by the bank because of your credit. Or maybe your dream is to own your own business.

You’ve found the perfect place, but it needs a little work, so you go to the bank for a small business loan that’s only been turned down. Now you are “dreaming with a broken heart”.

Finally, imagine that you have found your dream car, your first car, to be exact.

Unfortunately, you can’t afford it and your credit situation means financing is out of reach. Three hits, you’re out! At this point you have “Lost that Lovin’ Feelin”. However, there is a chance that the romance will be rekindled; it doesn’t have to end in a tragic love story.

With credit affecting so many areas of your life, consider the following tips to help you rebuild your credit while mending that heartache at the same time.

Tip #1 – Review your credit report

You need to know where you are. The first step in this process is to get a copy of your credit report. You can get a copy from every major credit bureau: Equifax, Experian and TransUnion as a consumer. The best way to get your credit report from all three major credit bureaus for free is to go through

a site called www.annualcreditreport.com.

The good news is that you can request it for free once a week. previously it was only once a year from each office. Check it for any incorrect information. If there are errors on your report, they could negatively affect your credit score. It is important to note that you have the right to dispute errors or

information about your report.

Tip #2 – Pay your bills on time

Being late for a date or forgetting an important event in a relationship, such as your birthday or anniversary, can lead to serious romantic problems. Your finances are no different. Payment history makes up 35% of your credit score, which means your payment history is one of the biggest determining factors. Negative information, like missed or late payments, can affect your credit score for years. Late payments can also result in late fees which can add up quickly!

The sooner you pay your bills, the better it is for your payment history. Consider setting up a budget, automatic payments, or reminder alerts to help you track your bills.

Tip #3 – Try to keep most of your credit limit available

Quality versus quantity is another factor to consider. Credit utilization is a term used to describe the percentage of your credit limit that you are using. The amount you use has a powerful effect on your credit score – in fact, the only thing that matters most is paying on time.

Most experts recommend not going over 30% of the limit on any card or account, as a lower value is better for your score. This is important because keeping your credit utilization below around 30% can show that you are managing your credit responsibly and not overspending. Check credit usage for all your credit accounts and focus on reducing the highest ones to improve your score.

Tip #4 – Consider a secured credit card

Feeling safe is also important when a relationship is recovering from an “Achy Breaky Heart”. A secured credit card is a great product for people who want to build credit from scratch. If your credit card accounts have been closed, you may need to start over with a secured credit card. These cards require an initial deposit, which is usually used as a credit limit, but other than that they work like any other credit card.

Tip #5 – Get a credit CD or secured loan

A credit building CD has one purpose: to help you improve your credit profile. Many banks and credit unions like Southern Bancorp offer these credit building products.

They work by having you take out a small loan, but instead of pocketing the money, it goes into a CD or certificate of deposit. Then you make regular payments until you have repaid the initial amount. At this time, the CD is given to you. The benefit is that your regular payments are reported to the credit bureau to show your creditworthiness, helping you build or repair your credit.

Secured loans work the same way in that you will need to provide some sort of security for the loan, but either way it’s about making your payments on time so the credit bureaus know you’re on the right track. Remember that rebuilding credit can take time as you increase your credit score, as can building a better romantic relationship. The time it takes to rebuild credit depends on your situation.

The good news is that most things won’t affect your score forever. The effects of negative factors may lessen over time. Being patient and building good habits will eventually pay off in the long run!

Remember that getting better credit is possible with responsible financial behavior and it’s never too late to start. “What does love have to do with it”, you might ask? Financial freedom can be achieved if you want to love your money again and have it love you back.

For more information contact me at Charlestien.harris@southernpartners.org or call me at 662-624-5776.

Until next week — Stay financially fit!

]]>
What happens to your credit score if you buy life insurance? https://islandcrisis.net/what-happens-to-your-credit-score-if-you-buy-life-insurance/ Wed, 23 Feb 2022 11:00:24 +0000 https://islandcrisis.net/what-happens-to-your-credit-score-if-you-buy-life-insurance/ Image source: Getty Images Here’s what you need to know if you’re considering a policy. Key points Buying life insurance is a great way to protect the people you love. Although some life insurance companies check applicants’ credit reports, this should not affect your actual credit score. Purchasing life insurance is important if you have […]]]>

Image source: Getty Images

Here’s what you need to know if you’re considering a policy.


Key points

  • Buying life insurance is a great way to protect the people you love.
  • Although some life insurance companies check applicants’ credit reports, this should not affect your actual credit score.

Purchasing life insurance is important if you have people in your life who depend on you financially, such as children you support with your income. But even if you don’t make money, it can be beneficial to take out a life insurance policy.

Suppose you are a stay-at-home parent looking after your young children so your spouse can work. If anything happened to you, your spouse would be left behind financially because they would not have childcare.

If you want to apply for life insurance, you may be wondering how this process will impact your credit score. This is especially true if you also plan to apply for another large loan, such as a mortgage, in the short term.

The good news, however, is that applying for life insurance shouldn’t impact your credit score at all. This remains true even if the company you are applying to decides to tap into your credit.

Life insurance and your credit score

Some life insurance companies do not perform credit checks on applicants. If that’s the route you choose to take, applying for coverage shouldn’t change your credit score at all.

But a growing number of life insurance companies are do credit checks as part of the application process. And that can be a good thing and a bad thing.

If your credit is strong, this could help you save money on life insurance premiums. Bad credit, on the other hand, could serve as a red flag and lead to higher premium costs.

Either way, if a life insurance company pulls your credit report to check your financial situation, it will be considered an informal request. And informal inquiries don’t change your credit score like serious inquiries might.

A thorough investigation of your credit file will take place each time you ask to borrow money, whether through a mortgage, car loan, personal loan or credit card. credit. A serious investigation will usually result in a minor impact on your credit score – somewhere in the ballpark of five to 10 points.

A single serious request won’t cause much damage, but multiple serious requests in a short period of time could result in a more noticeable drop in your score. But luckily, that’s not something you need to worry about when buying life insurance.

Roll that ball

Life insurance is something that is quite easy to put off. After all, the application process can take a bit of time, and those bonuses might be something you’d rather avoid paying a little longer. But you never know when a tragedy might strike, so it’s important to have that protection in place. If you haven’t started this groundwork yet, it’s worth moving on as soon as possible.

The good news is that you can easily apply for life insurance alongside another loan without having to worry about the impact on your credit score. So don’t let the fact that you’re trying to buy, say, a car or a house, motivate you to put off applying for life insurance even further.

Providing peace of mind for life’s moments

Insurance isn’t something we often think about until we need it and that usually means you don’t spend a lot of time researching what’s best for you and your personal situation. Taking the time to learn about the basics of insurance, whether it’s how to get discounts on your home insurance policy or the best way to get a car insurance quote, will help you save money and ensure you have the right insurance coverage for your needs. .

]]>
The owners are sitting on $9.9 trillion in equity. Here’s how to get the most out of yours https://islandcrisis.net/the-owners-are-sitting-on-9-9-trillion-in-equity-heres-how-to-get-the-most-out-of-yours/ Sat, 19 Feb 2022 12:32:40 +0000 https://islandcrisis.net/the-owners-are-sitting-on-9-9-trillion-in-equity-heres-how-to-get-the-most-out-of-yours/ Image source: Getty Images There are different ways to leverage the equity in your home. Key points Home prices soared in 2021 as low mortgage rates fueled buyer demand. American owners are now sitting on $9.9 trillion in equity that they can use to their advantage. It’s no secret that home prices have skyrocketed over […]]]>

Image source: Getty Images

There are different ways to leverage the equity in your home.


Key points

  • Home prices soared in 2021 as low mortgage rates fueled buyer demand.
  • American owners are now sitting on $9.9 trillion in equity that they can use to their advantage.

It’s no secret that home prices have skyrocketed over the past year. Just ask any homebuyer who has tried to bid on a property to be shocked at how many other offers there are.

But while high home values ​​are bad for buyers, they are good for sellers and owners. Currently, the latter group is sitting on an all-time high of equity.

A dazzling increase in equity

Home equity refers to the part of your home that you fully own. You can calculate the amount of equity in your home by taking its market value – that is, the price it can sell for – and subtracting your mortgage balance. If you own a home worth $500,000 and owe $200,000 on your mortgage, that leaves you with $300,000 of equity that you can leverage.

At the end of 2021, home equity rose to $9.9 trillion nationally, according to data firm Black Knight. This is a 35% increase over the previous year. It also leaves the average homeowner with $185,000 of workable equity.

What to do with the equity in your home

Having a lot of home equity gives you a number of options, not least because you can borrow against that equity or even withdraw some of it.

Let’s say you have some home renovations you were hoping to do. If you’re borrowing against your home’s equity, those renovations could become a reality. You can also use the equity in your home to pay off unhealthy debt, like a credit card balance. And while it’s a good idea to use the equity in your home to achieve important financial goals, you can technically leverage that equity for any purpose, which means you can borrow against your home to take a vacation if you wish (even if it is not recommended) .

How to access the equity in your home

There are a few options you can use to leverage the equity in your home. First, you can borrow against your home through a home equity loan or a line of credit (HELOC). Neither option requires you to take out a new mortgage. Instead, you take out a separate loan or line of credit and continue to pay off your existing home loan.

With a home equity loan, you borrow a lump sum of money that you pay back in equal installments. The interest rate on this loan will be fixed, which is a good thing right now. Interest rates have risen and may continue to rise this year.

With a HELOC, you have access to a line of credit that you can draw on within a set time frame, usually five to ten years. You will only accrue interest on the portion of your HELOC that you operate, so if you get a $10,000 HELOC but borrow $8,000, the remaining $2,000 will not create a financial liability for you. However, HELOC interest is generally variable, so you run the risk of your interest rate increasing over time.

Finally, you can tap into the equity in your home with a cash refinance. This requires you to get a brand new mortgage – one where you borrow more than your remaining balance and get the rest in cash.

While today’s refinance rates are still competitive, they have steadily increased. If you’re going to lock yourself into a long-term loan, it might be worth moving before rates continue to rise.

The equity in your home gives you more options. It also puts you in a position where you can make a good profit from the sale of your home. In fact, last year the average seller walked away with a profit of around $94,000, so if you’ve been thinking about putting your home up for sale, now might be the time to do so.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.

]]>
How does an installment loan process work at Heart Paydays? https://islandcrisis.net/how-does-an-installment-loan-process-work-at-heart-paydays/ Thu, 17 Feb 2022 18:38:35 +0000 https://islandcrisis.net/how-does-an-installment-loan-process-work-at-heart-paydays/ An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan. Examples of […]]]>


An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan.

Examples of Tribal Installment Loans

Tribal installment loans for bad credit

Bad credit loans are great short-term cash solutions for people facing emergency expenses, but who have a very bad credit history. Lending platforms that offer these services are often not concerned with the borrower’s credit history. Instead, they only focus on whether or not they can repay their loans on time.

Tribal installment loans for bad credit

Credit score plays an important role in determining whether one is qualified for a loan. Borrowers with good credit ratings are often eligible for more loans than those with poor credit ratings, i.e. riskier applicants.

Alternatively, if you have a bad credit score, you can turn to Heart Paydays for a quick tribal installment loan for bad credit. The loan broker will connect you with a perfect loan company to solve your financial emergency needs here.

Tribal installment loans with a co-signer

A co-signer is someone who signs a loan agreement with another person. The co-signer agrees to take on the legal obligation to repay the loan if the applicant does not repay the loan on time. Additionally, the co-signer can help the applicant obtain loans on reasonable terms to reduce the lender’s risk.

Tribal Installment Loans No Teletrack

Teletrack was incorporated into the lending industry in 1989, making it a relative newcomer to the world of business-to-business financial systems. Its main function is to follow the personal credit files of creditors in search of quick information on potential customers.

Teletrack is a modern approach used to check borrower’s credit history. It gives lenders details of all credit records, such as credit card applications or mortgages that an applicant has ever incurred.

A no-teletrack tribal loan, on the other hand, ensures your credit privacy while improving your chances of qualifying for a tribal loan.

Eligibility for Tribal Installment Loans

There are many requirements to be eligible for instant payday loans. Although these requirements are designed to be used as a guide only, they may vary from one payday lender to another. Therefore, borrowers should review each lender’s policies when applying for a payday loan. While some creditors may assess your source of income, most are only concerned with the reliability of your income.

Clients must meet the following requirements to apply with online brokers such as Heartpaydays:

  • Must be at least 18 years old
  • Have an active email
  • Must have a current bank account

Tribal Installment Loan Costs

  • APR: Depending on your state’s lending legislatures and the amount you want to borrow, the APR can vary between 10% and 30% of your loan principal. Typically, they charge $15 per $100.

This equates to an annual percentage rate of almost 400% for a two-week loan. Tribal installment loans are often applied as alternatives to payday loans, where APRs range from 200% to 400%. Heart Paydays Loans offer installment loans with APRs between 5.99% and 35.99%.

  • Late fee: Creditors charge different penalty rates on late repayments depending on state lending laws.

If you are considering applying for a tribal installment loanknow that you will face challenges, especially if you cannot repay the loan immediately. If you find yourself in such a state, you can try various loan options such as loan refinancing or loan discharge in bankruptcy.

Although no law protects defaulting borrowers from prosecution, it is unusual to see borrowers unable to repay their loans end up in jail. Most of the jail sentences are due to these borrowers refusing to appear before the judges or failing to comply with court directives and not due to non-repayment of the loan.

How to apply for an installment loan at Heart Paydays

Step 1: Decide how much you need

Whatever loan you are looking for, estimating the amount you need is perhaps the key concern when deciding on a loan. Applicants are qualified to apply for loans of up to $5,000 from Heart Paydays. Installment loans vary depending on the direct lenders you are matched with from their database.

Step 2: Complete the application

Applicants enjoy a smooth application process when applying for loans online. As an applicant, you need to complete a brief online form and select the loan provider that offers you the best terms. This will instantly initiate the approval process by your potential lender.

Step 3: Wait for feedback

After completing the application, the lender will send you a response confirming whether your application has been accepted or not. This process typically takes less than ten minutes for Heart Paydays loan applicants.

Step 4: Receive your loan

If the direct lenders confirm that you qualify for their loan, they will deposit the money into your bank account. However, if your application is rejected, you will be referred to other lenders who can help you.

Get your installment loan today

The main challenge of opting for a tribal installment loan is that you will have to approach the lenders separately. Another big concern is that direct lenders have the privilege of setting loan terms and application procedures.

Fortunately, your fees can be significantly reduced with loan brokerage sites such as Heart Paydays. Also, they will save you the lengthy application process of direct lenders.

]]>
Best credit cards for bad credit: February 2022 https://islandcrisis.net/best-credit-cards-for-bad-credit-february-2022/ Fri, 11 Feb 2022 22:00:00 +0000 https://islandcrisis.net/best-credit-cards-for-bad-credit-february-2022/ CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through the LendingTree Affiliate Network if you apply and are approved for a card, but our reporting is always independent and objective. If you have a low credit score, you might be surprised […]]]>

CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through the LendingTree Affiliate Network if you apply and are approved for a card, but our reporting is always independent and objective.

If you have a low credit score, you might be surprised to learn that getting a new credit card could actually help. If you can get a new card approved despite having bad credit, you’ll have the opportunity to develop better credit habits and better creditworthiness through responsible use. Plus, adding a new card can improve your credit utilization rate and your credit score if you’re already in debt.

Unfortunately, credit card options for people with bad credit tend to have few benefits. For example, you usually won’t get a welcome bonus with these types of cards, and they usually charge fees, such as annual fees and foreign transaction fees. Credit cards for bad credit can also come with high interest rates, which can make maintaining a balance expensive.

But with all that said, it’s important to understand that some credit cards for bad credit are considerably better than others. So let’s take a look at the types of credit cards you might qualify for with poor credit, and how you can use them to your advantage.

Click here to see the latest list of the best credit cards for people with bad credit.

If you have bad credit, you are probably already aware of it. After all, a bad credit score usually means that you’ve been denied a credit card or other loan in the past because a lender felt you posed too much of a financial risk. You probably also know the reason why you have bad credit to begin with, whether it’s because you let a loan or credit card go into default, you have an account in collection, or you go bankrupt. case.

But even if that’s the case, it never hurts to check your credit score so you know exactly where you stand. Fortunately, there are several ways to check your credit score for free.

You can start by signing up for a credit monitoring service that provides a free credit score or a program that offers free credit monitoring tools. For example, Experian Boost gives consumers a free snapshot of their FICO credit score, and it can even help you improve your score quickly.

When working on your credit score, you’ll probably want to pay the most attention to your FICO credit score because it’s the most commonly used scoring model. FICO credit scores range from 300 to 850 and are broken down into the following levels:

  • Excellent: 800 and above
  • Very good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: 579 and below

While truly “bad” credit is a FICO score of 580 or lower, “fair” credit between 580 and 669 is still below average compared to other US consumers. If your credit score falls into one of these categories, you need to take steps to improve it as soon as possible.

See if you qualify for one of these credit cards for people with fair credit.

If you have poor credit, you can qualify for two types of credit cards: secured credit cards and unsecured credit cards.

Secured credit cards are usually the easiest to get if you have bad credit. However, secured credit cards require a cash deposit to get started. This means that you may need to deposit $200, $500 or more as collateral, and you will usually get a low credit limit at or near your deposit.

The biggest advantage of secured credit cards is that they are usually reported to major credit bureaus. This means that all of your one-time payments are added to your credit report, which can help you increase your credit over time. And even though you need to put down a cash deposit to open a secured card, if you later close the account or upgrade in good standing and with a $0 balance, your deposit will be refunded.

Save money with these best credit card offers for people with bad credit.

In addition to secured credit cards, you may also qualify for an unsecured credit card with bad credit. These cards tend to come with fees, low credit limits, and few benefits, but they can still help you build credit.

Store credit cards are also a type of unsecured credit card that may be easier for people with bad credit to approve because they can usually only be used at the store or chain that issues the card.

Besides being easier to get, the biggest advantage of store credit cards is that if you find yourself shopping at a particular retailer often, you may be able to save money, whether on your initial purchase or later on a future shopping spree. Typically, using a store credit card saves you 5% on your purchase, and store credit cards can also have other benefits that you might not have thought of. .

Before you get a new credit card, you need to make sure you have a clear understanding of what you hope to accomplish. Although obtaining a credit card gives you the opportunity to improve your credit, you could worsen your credit if you are not prepared to take on this responsibility. So before you apply, ask yourself these questions:

  • Do I plan to carry over a balance? If you want a credit card so you can carry over a balance, be aware that credit cards for bad credit come with high interest rates. Not only that, but secured credit cards require you to deposit money as collateral, so they’re not a good option if you need a loan.
  • Am I interested in the rewards? Some credit cards for people with bad credit offer the opportunity to earn rewards on your spending. Although rewards can be lucrative, keep in mind that they often entice people to spend more than they intended.
  • Do I want to pay an annual fee? Not all credit cards for people with bad credit charge an annual fee, but some do. If you decide to pay an annual fee, you need to make sure that any benefits you get in exchange are worth it.
  • Am I ready to take my credit seriously? A new credit card gives you the opportunity to improve your credit, but it won’t happen automatically. In most cases, getting a new credit card will only help your situation if you keep your balance low and always pay your bill on time.

The best credit cards for bad credit may not sound very appealing, but the point is to use them to boost your credit score so you can qualify for better deals later. But there are a few “gotchas” to be aware of and watch out for, including:

  • Costs: While you should try to avoid annual fees if you can, you should also be aware that some credit cards, especially those for people with bad credit, try to charge an account set-up fee or program fees. Avoid these offers as much as possible.
  • High APRs: Beware of high interest rates which can make debt incredibly expensive. In fact, if you’re considering using a credit card to improve your credit, you should try to avoid carrying a balance on the new card entirely.
  • Credit errors: Finally, watch out for mistakes that hurt your credit in the first place. The worst thing you can do is pay your credit card bill late, as this will have a major negative effect on your credit score, so avoid it at all costs.

Compare credit card offers available to people with fair credit.

If your goal is to get a new credit card to help rebuild your credit, you need to know and understand how your credit score is determined in the first place. Let’s take a closer look at the five factors that make up your FICO credit score:

  • Payment history: 35%
  • Amounts due: 30%
  • Length of credit history: 15%
  • New credit: 10%
  • Credit mix: 10%

By looking at these factors, it’s easy to see what your next steps should be. More importantly, you should strive to pay your credit card bill — and all your other bills — on time each month. Also, you need to keep your debt to a minimum, because the amount you owe against your credit limits is 30% of your FICO score, also known as your “credit utilization rate.”

Since any credit card you get with bad credit will likely have a low credit limit to start with, you’ll need to be extra careful not to go over your credit limit and pay off your balance as much as possible each month to keep your credit utilization rate is low.

The length of your credit history can also be increased if you keep old credit accounts open and in good standing, and you can keep your score high in the “new credit” category by refraining from opening too many new accounts.

Your credit mix is ​​a final category to keep in mind, but you might not have too many different types of credit — such as installment loans like a mortgage or car loan — when your credit score credit is fair or bad. Once you’ve improved your credit score, you can worry more about diversifying your credit with installment loans, revolving accounts, and other types of credit.

Ultimately, if you’re going to get a new credit card in an effort to improve your bad credit, you need to make sure that you don’t make the same mistakes that got you into trouble in the first place. So if you decide to apply for a new credit card, be smart about how you use it. Don’t overspend, don’t pay bills late, and avoid cards that charge high fees so you can get back on the path to good credit.

Learn more and apply now for the best credit cards you can get with bad credit.

Is your credit rating good or excellent? Or maybe you have no credit? CNN underlined has you covered with our other stories in this series:

Check out CNN Underscored’s list of best credit cards available now.

Get all the latest personal finance deals, news and advice from CNN Underscored Money.

]]>
29% of Americans have trouble managing their debt. 3 tips for managing yours https://islandcrisis.net/29-of-americans-have-trouble-managing-their-debt-3-tips-for-managing-yours/ Wed, 09 Feb 2022 11:00:38 +0000 https://islandcrisis.net/29-of-americans-have-trouble-managing-their-debt-3-tips-for-managing-yours/ Image source: Getty Images Debt can be a major drag. Here’s how to approach yours. Key points A new survey reveals that consumer debt is a problem for many Americans. Here are some tips for tackling your debt and paying it off more effectively. Americans, generally speaking, are no strangers to consumer debt. But that […]]]>

Image source: Getty Images

Debt can be a major drag. Here’s how to approach yours.


Key points

  • A new survey reveals that consumer debt is a problem for many Americans.
  • Here are some tips for tackling your debt and paying it off more effectively.

Americans, generally speaking, are no strangers to consumer debt. But that doesn’t mean they aren’t stressed about it. In a recent New York Life poll, 29% of Americans who feel less confident in their finances than before are facing debt management issues. If that sounds like you, here are three essential things to do.

1. Recognize the difference between healthy debt and bad debt

You may have a mix of debts in your name, and it’s important to know which ones you should try to eliminate first. Mortgage debt is considered a healthy type to have. A mortgage loan allows you to eventually own a house, and that house could gain or retain its value over time.

A car loan is also a fairly healthy type of debt. Although cars generally do not increase in value over time, they are an essential asset and they are worth money even as it gets older. Also, auto loans, like mortgages, tend to come with fixed monthly payments.

Credit card debt, on the other hand, is usually bad news. Not only do credit cards charge a lot of interest, they often charge variable interest, making it difficult to predict your true cost of ownership.

The expenses you charge to a credit card may be just that – expenses, as opposed to assets that are worth a significant amount of money. You don’t necessarily have to worry about paying off your mortgage or car loan as quickly as possible, but you should aim to knock out your credit card balances as soon as you can.

2. Rework your spending to free up money for unhealthy debt

If you want to pay off your credit cards sooner, cutting back on non-essential spending should help free up some cash that you can use to pay down your balances. Take a look at your budget, or create one if you don’t already have one, and see how much you can save by reducing your spending in categories like entertainment and restaurants. You may even be able to reduce your spending on essentials like groceries and household products if you start looking for sales and shopping more effectively.

3. Consolidate your credit card balances to pay them off at a lower cost

If you owe money on different credit cards, consolidating your debt could make it easier to track and manage. It could also make it cheaper to repay.

One option to consider is a balance transfer, where you transfer your existing credit card balances to a single card with a lower interest rate (or, better yet, to a card with an introductory period where you don’t pay no interest). If you can’t qualify for a balance transfer or don’t want to get one, a personal loan is another option for consolidating your debt. The interest rate you are charged on one of these loans will likely be much lower than what your credit cards charge.

If you own a home and have high net worth (which may be the case today since home values ​​are rising nationally), you may also want to consider doing a cash refinance. This option allows you to borrow more than the remaining balance of your mortgage and use the money you receive for whatever purpose you choose.

Debt-related struggles can impact your well-being and make you feel bad about your finances. If this is the situation you find yourself in, follow these three steps to get your debt under control and get rid of the unhealthy part of it as quickly as possible.

The best credit card erases interest until 2023

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% in 2023! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read the full The Ascent review for free and apply in just 2 minutes.

]]>
Teach people how Educational Services, LLC. Talks about helping people with bad credit https://islandcrisis.net/teach-people-how-educational-services-llc-talks-about-helping-people-with-bad-credit/ Mon, 07 Feb 2022 20:37:39 +0000 https://islandcrisis.net/teach-people-how-educational-services-llc-talks-about-helping-people-with-bad-credit/ Debt can affect your credit score and prevent you from getting new types of credit, including a credit card or loan. Bad credit can also lead to higher interest rates with fewer loan and credit options. Having bad credit and being in debt can have wider consequences, including mental health issues, lost job opportunities, and […]]]>

Debt can affect your credit score and prevent you from getting new types of credit, including a credit card or loan. Bad credit can also lead to higher interest rates with fewer loan and credit options.

Having bad credit and being in debt can have wider consequences, including mental health issues, lost job opportunities, and even finding a new home.

A person with bad credit may suffer from depression, anxiety, and low self-esteem. It can also lead to relationship and marriage breakdowns.

Unfortunately, having bad credit can now cause people to struggle to find new rental accommodation. More and more landlords and rental agencies are now using credit reference agencies to check a person’s credit. But bad credit doesn’t just affect people looking for a new home, it can also affect a person’s employment opportunities.

In recent years, more and more companies are now using credit reference agencies and checking a person’s credit history when interviewing for a new job. Even those who already work for a company and are hoping to move up and get a promotion could have their credit report checked.

It is so important for someone with bad credit to tackle this problem and improve it. Teach People How Educational Services, LLC is a company that helps people and provides them with the right tools.

We decided to talk to Derrance Turner, the founder of Teach People How Educational Services, LLC., to see how they help people with their credit issues. Here’s what he had to say.

1. First, please introduce yourself.

I would like to begin by saying thank you for interviewing me. Hello, I’m Derrance Turner, the founder of Teach People How Educational Services, LLC. I work in the educational services industry to empower and teach people the importance of maintaining a healthy credit profile and score. I operate a credit repair and credit education website by the name of TeachPeopleHow.com to help anyone who needs help with their financial future.

2. Can you explain who and what is Teach People How Educational Services, LLC. ?

We are a compliance-based advanced credit services organization that helps customers with credit repair and credit education. Our office is based at 5718 Westheimer Suite 1000V Houston, Texas 77057. You can view our products and services at www.TeachPeopleHow.com

3. Why was the company created and what feedback do you get from your customers?

TeachPeopleHow.com was started when I realized I had the power to change lives, helping people overcome financial difficulties due to inconsistencies in their credit report. I no longer wanted to sit and watch the people around me struggle to move on from past credit issues. Let me tell you…many of my friends and family were getting really bad interest rates on cars, mortgages, loans, etc. This made my stomach hurt and I wanted to show them a way out by helping them fix their credit and also educating them so they don’t make the same mistakes in the future. We are always happy when our customers tell us that they appreciate our products and services and recommend others.

4. More and more people are getting into debt, why?

Many factors can lead many people into debt. One of the main reasons is that their income to debt ratio is way off. It’s like taking one step forward and two steps back into the bad credit hole if a person has more debt than income. Other reasons why many people go into debt could be caused by job loss, hospitalizations, depression, divorce, gambling, the current pandemic, etc. The list is long. Ultimately, bad credit isn’t permanent and can be fixed over time.

5. You offer services to help people improve their bad credit, can you tell us more?

Of course I can! With our services on TeachPeopleHow.com, we start by scheduling a consultation with our prospects. We review their entire credit profile with them and discuss ways to challenge negative profile data to remove it. Once they become a customer for the term of credit repair, they receive unlimited deletions, unlimited monthly challenges, a full credit audit, a personalized challenge strategy, 24/7 access to their secure customer portal to track their progress and a 120-day money back. guaranteed if they see no credit profile deletion after 120 days of service. We also educate them on how to maintain a healthy credit profile during and after the credit repair process.

6. Some people ignore their bad credit records, why is it important that people don’t ignore them?

It is important not to ignore your credit profile. You should check your credit profile monthly to make sure everything is stable. If you have bad credit, you should try to do whatever you can to correct the negative information that is holding you back from your dreams of owning a home, getting a new vehicle, having good credit cards with awesome rewards. , etc Often, bad credit can prevent you from finding a job.

seven. Some companies are now using credit reference agencies when people are interviewing for a new job or promotion, do you think that’s fair?

They pull credit reports on people to judge their character, to see if a person is responsible enough to pay their bills on time. It’s sad but true. I don’t think I can say whether I think that’s fair or not. I just believe in giving people a chance to prove themselves, because you really don’t know what they went through that caused them bad credit in the first place.

8. With the pandemic, do you think more people are now in debt?

Absoutely! It’s a real sensitive subject. Let’s just say that many people are still trying to recover from such a terrible situation. My heart goes out to the world.

9. 14 million people owe more than $10,000 on their credit cards, why are so many people in debt on their credit cards?

A word. USE! Many people don’t know how to properly use their credit cards on a monthly basis. They spend far more than they can repay when the bill is due. This is one of the most common things I see and educate my clients on.

ten. Some people miss a payment on their credit card and think about making it up later, is that the wrong thing to do and what damage would it do to their credit report?

Payment history represents 35% of your credit score. That said, one missed payment could drop your scores by up to 180 points on a FICO and stay on your credit report for seven years. It’s never a good idea to miss a payment for this reason. Several late payments could cause serious damage to your credit profile.

11. You say bad credit can prevent you from buying a car or buying a house, what kind of bad credit are we talking about?

It’s a good question! We’re talking about credit that typically falls below the 600 range. Many lenders still approve people in this range, but let’s be clear that their interest rates are exorbitant.

12. I was shocked to read that bad credit can prevent people from getting a student loan, why?

In a nutshell, bad credit can prevent people from getting a student loan because lenders want to make sure there’s a very low risk in lending you money and getting it back later.

13. Do you believe that young adults should learn in schools how to manage finances to avoid so much debt?

It’s something I’ve been saying for a long time. Yes, credit education should be taught to children and young adults starting in grade level every year. Imagine what it would be like if the world was full of children and young adults responsible for credit? That would be so awesome!

14. What kind of people should come and use your service?

If you’re tired of the rat race of bad credit, you should use our services at TeachPeopleHow.com

15. And finally, what is the future of Teach People How Educational Services, LLC.

I see our future as a household name in the industry, primarily from people who trust us to help them repair their credit and learn about credit.

For more information or to set up a free 15 minute consultation, please visit the company’s official website website.

Media Contact
Company Name: Teach people how Educational Services, LLC.
Contact: Derrance Turner – Founder
E-mail: Send an email
Call: 800-775-8618
Address:5718 Westheimer Suite 1000V
City: Houston
State: Texas
Country: United States
Website: https://www.teachpeopleshow.com/

]]>
Improve your credit with a debit card https://islandcrisis.net/improve-your-credit-with-a-debit-card/ Sat, 29 Jan 2022 14:34:06 +0000 https://islandcrisis.net/improve-your-credit-with-a-debit-card/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products. For many, having a good credit rating is key to achieving many financial milestones in life, from getting a lower […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

For many, having a good credit rating is key to achieving many financial milestones in life, from getting a lower interest rate on a loan to getting a higher credit limit. on your credit card. Credit cards are a way for people to increase their credit score with their daily purchases.

However, getting a credit card often requires a good credit score, so it can be difficult to start building your credit. However, fintech companies have been working on innovative solutions to help you build your credit score outside of traditional methods.

Additional card created a debit card that allows people to build credit without a credit check or high credit score to qualify. Below, Select takes a look at how Extra Card works and the various features it offers.

Subscribe to the Select newsletter!

Our top picks delivered to your inbox. Shopping recommendations that help you improve your life, delivered weekly. register here.

How can Extra be a debit card that improves your credit score?

Additional was founded by Max Hellerstein, Cyrus Summerlin and Biren Shah in 2020. Extra works a bit like a payment card. With a charge card, cardholders are not able to carry over a balance from month to month and are required to pay their balance in full after a time interval, usually every 30 days.

With Extra, cardholders make a purchase and Extra reimburses the merchant at the time of the transaction. However, Extra connects to your checking account, so one day after you make a purchase, Extra takes the money from your bank account for that transaction.

At the end of the month, Extra then reports your card transactions to the Equifax and Experian credit bureaus. Additional does not currently report to Transunion.

Extra is in communication with Transunion about its information being added to Transunion credit reports, said Sloane Wimberly, director of communications at Extra Card.

By reporting cardholder payments to Equifax and Experian, the Additional card can have a positive impact on your credit score as reported by these two bureaus.

With the aid of Additional card can also have an impact on your credit utilization rate. The credit utilization rate is the ratio between the credit you use and the total amount of credit granted to you. Your credit utilization ratio impacts the “amount owed” category of your FICO score. The “amount owing” category includes 30% of your credit score. Experts recommend keeping your credit utilization rate below 30%, or even 10% if you can.

Because the card is redeemed daily, your credit utilization rate will reset each day, Wimberly explains. When your credit utilization ratio resets frequently, you are more likely to have a low utilization ratio. Having a low usage rate also has a positive impact on your credit score.

The Extra card does not charge any APR or interest as you have to pay your balance daily. And unlike a credit card, Extra won’t let you spend more than you have in your bank account, so you won’t have to worry about overspending and potential debt.

In order to qualify for a Additional card, you don’t need a credit score either. Extra does not perform credit checks, but potential cardholders must meet the following requirements:

  • Applicants must be 18 years or older
  • You must have an SSN or ITIN number
  • Applicants must have an address in the United States where you can receive your supplemental card (PO boxes are not valid)
  • Have a checking account at one of the 10,000 selected US banks
  • Have an iOS device (iPhone or iPad) or Android device running version 10 or later

According to Wimberly, 99% of applicants are approved for the card because all transactions on the card are guaranteed in cash. When cardholders sign up for Extra, they receive a spending limit based on the real-time balance of the bank account they choose to connect, Wimberly explains.

Fees and Rewards

Additional charges annual or monthly fees to cardholders. For Extra Credit Building, you’ll pay $8 a month, but if you’re willing to pay for the whole year upfront, you’ll get a slight discount and pay $84. For Extra Credit Building and Rewards, you’ll pay $12 per month or $108 for the whole year.

For the highest price, you will have access to the Extra Rewards program. Cardholders will earn 5 reward points for every dollar spent. Five reward points are worth up to 1 cent, so the redemption value is only 0.2 cents per point. Essentially, you get 1% back on all purchases if you redeem your points for maximum value.

Extra has a rewards store available through the Extra app, but store offerings vary. According to Wimberly, recently popular items in the store include an electric toothbrush, card games, gift cards and AirPods. Given that Extra is a credit-focused debit card, it’s no surprise that it offers few rewards and little flexibility in how cardholders can redeem their points.

The Extra Card cannot be used abroad, so there are no foreign transaction fees.

Alternatives to the Extra Card

The extra fees can be quite a steep price to pay in trying to boost your credit score. You might consider alternatives like a secured credit card, which requires you to pay a deposit that serves as security if you do not pay your bills. Generally, your line of credit is equal to the amount of your deposit. Secured cards are much easier to approve if you have bad credit or no credit.

When Select analyzed various secured cards to determine which cards were best for people with no or bad credit who wanted to improve their scores, it ranked the Discover it® Secure credit card as winner.

With the Discover it® Secure credit card, cardholders only need to put down a minimum deposit of $200 for a line of credit equal to that amount. Seven months after account opening, Discover will assess your credit card account to determine if you can upgrade to an unsecured line of credit.

If you don’t want to make a down payment, you might consider the “no annual fee” Visa® Petal® 1 credit card, which is aimed at people with non-prime credit who are looking to improve their scores.

The Petal 1 card has no annual fee, no welcome bonus, and earns 2-10% cash back at select merchants. With the Petal 1 card, you’ll have to make your monthly payments in full or risk having to pay interest. Unlike the Extra card, the Petal 1 card falls under the three credit bureaus, has no annual fees or foreign transaction fees (unlike Extra, the Petal 1 can be used abroad).

Plus, unlike the Extra Card, the Petal 1 Card is a credit card, so you’ll have a whole month to pay your bill.

At the end of the line

the Additional card can be a useful tool for people who don’t qualify for most credit cards but are looking to improve their credit score. However, the card has a monthly fee of $8 or an annual fee of $84, so you might be better off getting a secured credit card with no annual fee in order to build your credit.

Secured cards will require a security deposit, but you’ll usually receive the deposit and qualify for an unsecured card after you’ve made your payments on time and in full for a few months. Extra Card also has drawbacks: your card history is not shared with the three credit bureaus and cannot be used abroad.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Visa Petal 1 credit card is issued by WebBank, Member FDIC.

For Discover it® secure credit card rates and fees, click here.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

]]>