| |
Here is the most impressing info on
signing spouses name to a credit card application
Bad Credit Doesn't Rule Out Unsecured Credit Cards
Many people believe that because of their bad credit, unsecured credit cards are not available to them. While it may be more difficult, there are options for people with bad credit who want an unsecured credit card to build their credit or have available for use in an emergency. While a secured credit card is the most commonly recommended option for people with bad credit, unsecured credit cards ARE available - even for those with the worst credit.
Bad Credit: Unsecured Credit Cards vs. Secured Credit Cards
One of the easiest ways to get a credit card when you have bad credit is to opt for a secured credit card. With a secured credit card, you deposit money in a bank designated by the credit card company to serve as a 'security deposit' - an assurance that they'll get their money if you default on payments. Depending on the lender, that deposit might be equal to your desired credit limit, or slightly higher or lower. A security deposit of $300, for instance, might get you a $150 line of credit with one company, a $300 line of credit with another, and a $400 one with yet a third. The interest rate is generally competitive, since the company has a guarantee of getting its money if you don't make payments.
An unsecured credit card requires no security deposit. A bad credit unsecured credit card will often have either a high APR (annual percentage rate), high fees, or both. How do the two stack up against each other? Here's a comparison from two actual credit card offers that are sitting on my desk as I write:
Secured Credit Card
Security Deposit: $250
Annual Fee: $35
Setup Fee: $35
APR: 15.40%
Credit Limit Increases: $100 increments, each require $100 deposit
Bottom Line: It will cost you $370 to maintain a $250 credit limit for the first year, with at least $250 up front, at an APR of 15.40%. You'll have $170 available credit upon receipt of your card. You'll have to put up an additional $100 every time you want to increase your credit limit.
Bad Credit Unsecured Credit Card
Annual Fee: $48
Setup Fee: $29
Participation Fee: $72 (annual, billed at $6 monthly)
Program Fee: $95 (one time fee)
APR: 9.9%
Credit Limit Increases: $25 (per increase of $100, at their discretion)
Bottom line: It will cost you $244 for the first year, all of it billed to your credit card on your first statement, to maintain a $250 credit limit with an APR of 9.9%. You'll have $72 credit available upon receipt of your card.
In the long run, while a bad credit unsecured credit card may cost you more, you won't be tying up your money up front. Either card will help repair your credit as you make payments on time and regularly, but the unsecured card has an APR that's almost 5% lower. You're the only one who can decide which is the better option for you - but it makes sense to weigh all your options before you decide that your only way to have a credit card is with a security deposit.
@ Copyright 2005 - Bill A Smith
About the Author
Bill A Smith is a credit counselor for http://www.americreditservices.com/ Feel free to visit our bad credit help center at http://www.americreditservices.com/bad-credit/
More Useful Resource and Updates on signing spouses name to a credit card application
- Bart's Bytes: (Westerly Sun)
Contrary to what many think, the Internet is the perfect place for credit cards. There is virtually no danger of the number being stolen in transit. I shop on the Internet almost exclusively. I?ve been doing it for years, all from the comfort of my home and office.
- TVA offers online permits for shoreline construction projects (Knoxville News Sentinel)
Area residents planning small construction projects along the shoreline of the Tennessee River and its tributaries or TVA reservoirs may now apply for construction permits online.
- Apply Online for Shoreline Construction (The Chattanoogan)
Small projects include building a boat dock, pier or boat ramp or stabilizing the shoreline. Prior to beginning any construction activities on the shoreline, a TVA 26a construction permit is required.
- CreditCards.com: Weekly Credit Card Rate Report (Centre Daily Times)
Annual percentage rates for credit cards barely budged, according to the CreditCards.com Weekly Credit Card Rate Report, as banks held rates steady despite a torrent of worsening economic news.
- School?s in session - how to choose, use credit cards (Dothan Eagle)
College students, listen up - especially freshmen. On campus this semester, credit-card companies are going to hunt you down. They will send credit-card solicitations to your dorm mailbox, staff tables around campus and offer you cool handouts if you apply for their card.
- Online job hunters at risk of ID fraud (PC Advisor)
CVs contain enough info to obtain a credit card Online job seekers are happily sending out personal information such as date of births and passport number when applying for jobs, which could be intercepted by cybercriminal.
- More Than 1 Million College Students Offered Education in Practical Money Skills From Wells Fargo (Centre Daily Times)
Wells Fargo & Company (NYSE:WFC) said it has offered Practical Money Skills for Life to more than 1 million college students the last five years. Practical Money Skills for Life features two online credit education lessons sponsored by Wells Fargo and Visa.
- Expedia launches affiliate programme for agents in the UK (eyefortravel.com)
Travel agents in the UK will have direct authorised access to Expedia inventory as the online travel company shared its plans to launch its Travel Agencies Affiliate Programme (TAAP) in the UK.
- Online resumes create ID theft risk (Yahoo! Tech Advisors)
You are of course well-advised to keep your resume up to date these days, what with the economic malaise and rampant layoffs. It's probably a good idea to post it to online job services and apply for interesting jobs here and there... you know, just in case. Sadly, online job applications are also a great entry point for crooks looking to steal a few identities: All it takes is a fake job ...
- JCPenney Credit Card
... individual credit to provide us with their spouses name and address. ... signing this application, I ask that GE Money Bank ("you") issue me a credit card. ...
- Contracts and Credit
An application for a credit card or charge card. ... accept it by signing or using it. ... This act says if both spouses request credit, a creditor must ...
- CARD PROCESSING APPLICATION
Business ___ yrs credit cards? Yes. No terminated as a Visa/MC merchant? Yes. No. Dial Access Code: ... By signing below, I represent that the information ...
- Credit Card Application
By signing I authorize the Credit Union to pay on my behalf ... of Cards. Check Card Choice [ ] VISA [ ] MasterCard. Last Name, First Name, Middle Initial ...
- CREDIT AND DIVORCE
for granting a loan or credit card. But because both spouses applied together for the ... and credit cards. u. A joint account means both spouses are ...
- Application for UBS Credit Card Basic.
By signing and/or using the UBS Credit Card the applicant confirms that he/she ... e) Changes to the information given on the card application (name, address, ...
- Microsoft Smart Card Reference Guide
... Windows Powered Smart Cards much like a credit card to advertise your business ... card is introduced to the system, applications can search for smart ...
|
|
|
