The Applied Bank credit card is a secured card, which means that in order to receive it, you must open an account with Applied Bank and make a deposit into that account.The purpose of the deposit is to secure your account should it default. The card will have a limit equal to the amount of the deposit, which has a minimum of $200 and maximum of $5,000.Like other credit cards, your card will be reported to the credit bureaus and you still will have monthly payments. The APR is fixed at 9.99%.There is an annual fee of $50 for the card. However, because your account is secured by your deposit, everyone is accepted for the card, and there is no credit check required. The card will be issued as a Visa card and is accepted everywhere that Visa is accepted. If you make your payments regularly and on time, you will be able to generate a history of positive payments.While this can help repair a damaged credit score, we also advise that you take steps to remove derogatory items from your credit report.Dont think that you just have to live with a poor credit rating; you may contact the credit bureaus to dispute the negative items and have them erased.This has been shown to be the most effective method of raising a low score. There is a lot of information circulating that says a negative item must remain on your credit for seven long years.This is false! The Fair Credit Reporting Act says that an item can remain on your report for a maximum of seven years. There is nothing about the minimum amount of time.Many debt collectors have been sued and forced to pay fines for violating this law by manipulating the system and leaving a negative mark on an individuals credit report for more than seven years.In addition, it is common for credit reports to contain errors"in fact, estimates say that 25% of the population has inaccurate information on their credit report.While a credit card will help because you will have a positive reporting account and be building credit. It is vital to remove the negative items too.Never underestimate the importance of your credit score. It can impact your employment, financial health and self esteem. Hearing the words Im sorry, but youre declined from a loan officer is an extremely humbling experience.All is not lost, however. If you build positive reporting accounts and eliminate the damaging items, you can improve your credit score and live the lifestyle that you truly deserve.
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