Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed
on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
person’s credit score.
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Effective Ways to Rebuild Credit
By Tom Tessin
If you’ve found yourself in a debt hole lately or on the verge of declaring bankruptcy, you’ve probably
found it hard to get approved for just about any type of loan. The nice thing about rebuilding your credit
is that it’s actually not as hard as you think. There are a million ways to do it; you just have to be
informed on how to do it. Once you know some of the strategies and techniques, you’ll be on the path
to rebuilding your credit in no time. Today, I’m going to show you some simple strategies on how you
can rebuild your credit the effective way.
A secured credit card
If you’re not familiar with a secured credit card, you may want to look into how one works. A secured
card is just like any other credit card but instead, it will require that you send a deposit to the bank
before they actually send you the card. The reason the credit card companies’ do this is because they
want to build trust in you and if you don’t pay your bill off in full, they can simply dip into your account
and take the money needed. Once you show that you can pay your bill off in time and the minimum
amount, you can soon upgrade to a regular card. The nice thing about a secured card is that most
people are approved but you just have to remember that it takes a small deposit to start.
Small bank loans
Another way to rebuild you credit is to simply open up a very small loan amount at your local bank.
This amount should generally be no more than th